FxWirePro: USD/CAD dips below lower range, bearish bias increases

• USD/CAD  dipped on Wednesday as Canadian dollar was boosted by higher oil price and weaker greenback.

•Tuesday's solid U.S. GDP reading failed to move the dial on the rate outlook, leaving investors pricing in roughly two more Fed cuts in 2026.

• The dollar has endured a volatile year, hit by Trump’s tariff turmoil and rising concerns over Fed independence. 

• The dollar index slipped to a 2½-month low of 97.767 and is on course for a 9.8% annual fall, its worst since 2017.

• Oil prices held steady in early trade but were set for a third straight year of declines. Brent crude   futures ticked 0.1% higher to $62.45 a barrel, but were down 16% for the year.

•  Immediate resistance is located at 1.377(38.2%fib), any close above will push the pair towards 1.3752(Dec 23rd high).

• Support is seen at 1.3627(Lower BB) and break below could take the pair towards 1.3559(23.6%fib).

Recommendation: Good to sell  around 1.3680, with stop loss of 1.3760  and target price of 1.3600