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FxWirePro: USD/CAD bulls undeterred, eyes 23.6%fib resistance

• USD/CAD strengthened on Friday  as Canadian dollar was weighed down by falling oil prices and investor expectations of a significant interest rate cut from the Bank of Canada.

• The price of oil  , one of Canada's major exports, fell 1.4% to $69.70 a barrel as China's economic growth slowed and threats to supply abated in the Middle East.r.

•   Investors see a roughly 90% chance the BoC will cut its benchmark interest rate by half a percentage point at a policy decision on Wednesday, swaps market data showed..

•  Technical highlight upside risks for USD/CAD, with momentum studies, 5, 10 and 11 DMAs tracking north.

•  Immediate resistance is located at 1.3820(23.6%fib), any close above will push the pair towards 1.3860(Higher BB).

• Support is seen at 1.3787 (Daily low) and break below could take the pair towards 1.3752 (38.2%fib).

Recommendation: Good to buy  around 1.3800, with stop loss of 1.3720,  and target price of 1.3880

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