• USD/CAD dipped on Thursday as the dollar eased following slightly higher U.S. initial jobless claims data.
• The number of Americans filing new unemployment claims rose moderately last week, indicating that the labor market remained stable in February.
• Initial claims for state unemployment benefits rose by 5,000 to a seasonally adjusted 219,000 for the week ending February 15, according to the Labor Department. Economists had forecast 215,000 claims for the week.
• Looking ahead, remarks from at least four Federal Reserve officials, including Chicago Fed President Austan Goolsbee, are expected later in the day.
• Immediate resistance is located at 1.4246(Feb 19th high), any close above will push the pair towards 1.4315(38.2%fib).
• Support is seen at 1.4168(50%fib) and break below could take the pair towards 1.4144(Lower BB).
Recommendation: Good to buy around 1.4180, with stop loss of 1.4120 and target price of 1.4260
