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FxWirePro: USD/CAD consolidating around 1.3460, outlook is bullish

• USD/CAD  initially dipped  on Thursday but recovered some ground  as the U.S currency firmed after data showed the U.S. economy grew faster than expected in the second quarter.

• Markets are nearly certain that the U.S. Federal Reserve will ease its monetary policy when it meets in September, following Chair Jerome Powell's dovish pivot last week.

• The Fed's preferred inflation measure, the personal consumption expenditures (PCE) index, set to be released on Friday, could offer valuable insights into the potential scale of upcoming rate cuts.
 
•  Immediate resistance is located at 1.3496 (38.2%fib), any close above will push the pair towards 1.3554(50%fib).

• Support is seen at 1.3433(23.6%fib) and break below could take the pair towards 1.3424(Lower BB).

Recommendation: Good to buy  around 1.3450, with stop loss of 1.3370 and target price of 1.3520

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