• USD/CAD strengthened on Friday as worries over looming tariffs overshadowed Canadain and U.S. economic data.
•Ahead of a March 4 deadline for imposing 25% tariffs on their imports, Canada and Mexico worked to present U.S. President Donald Trump's administration with evidence of progress in reducing the flow of fentanyl opioids into the U.S.
• Canada's gross domestic product grew by 2.6% on an annualized basis in the fourth quarter, exceeding the anticipated 1.8% increase, driven by a surge in consumer spending.
•Meanwhile, The US Personal Consumption Expenditures (PCE) price index increased 0.3% in January, in line with expectations, after advancing by an unrevised 0.3% in December.
• Immediate resistance is located at 1.4484(50%fib), any close above will push the pair towards 1.4627(38.2%fib).
• Support is seen at 1.4334(61.8%fib) and break below could take the pair towards 1.4292(Feb 26h low).
Recommendation: Good to buy around 1.4450, with stop loss of 1.4380 and target price of 1.4500
