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FxWirePro: USD/CAD consolidates around 1.4060, maintains bullish bias

• USD/CAD edged higher on Tuesday as investors assessed  economic data for clues on global growth and monetary policy.

• Investors are largely expecting the Fed and the European Central Bank (ECB) to cut interest rates this month.

•Markets are now pricing in a 70% likelihood of a 25 basis point rate cut at the Fed's next meeting on Dec. 18, compared to about 50% just over a week ago.

•  A daily close above  38.2%fib will further improve the technical outlook, and open the possibility of a gain towards 1.4100 level.

•  Immediate resistance is located at 1.4087(38.2%fib), any close above will push the pair towards 1.4131(23.6%fib).

• Support is seen at 1.4019 (50%fib) and break below could take the pair towards 1.3966(61.8%fib).

Recommendation: Good to buy  around 1.4030 with stop loss of 1.3900 and target price of 1.4130

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