FxWirePro: USD/CAD edges higher but bearish outlook persists

• USD/CAD edged higher on Monday as the U.S. dollar regained some ground against the Canadian dollar ahead of the release of Federal Reserve meeting minutes..

• Investors will be focused on the release of the U.S. Federal Reserve’s meeting minutes on Tuesday during an otherwise quiet data week.

• The Canadian dollar has a strong positive correlation with oil prices, as Canada is a major oil exporter.

 • Oil prices jumped as investors weighed hopes of progress from talks between the U.S. and Ukrainian presidents on a potential deal to end the Russia–Ukraine war against the risk of oil supply disruptions in the Middle East.

•  Immediate resistance is located at 1.3754(38.2%fb), any close above will push the pair towards 1.3801(SMA20

• Support is seen at 1.3569(23.6%fb) and break below could take the pair towards 1.3612(Lower BB).

Recommendation: Good to sell  around 1.3750, with stop loss of 1.3800  and target price of 1.3680