FxWirePro: USD/CAD extended its gains, eyes 1.4000 level

• USD/CAD extended its gains on Monday  as uncertainty over a resolution to the Middle East conflict drove demand for the greenback.

•Trump threatened to obliterate Iran's energy plants and oil wells if it does not open the Strait of Hormuz, after Tehran rejected US peace proposals as "unrealistic" and fired missiles at Israel.

• The U.S.-Israel ‌war on Iran, now entering its second month, has caused a dramatic spike in oil and gas prices as markets reel from the worst ever disruption to energy supplies in history. .

•  Oil prices remain firmly above $100 per barrel, and are set to end March with their biggest percentage gain since at least 1988..

•Fed Chair Jerome Powell said the central bank can wait to assess the Iran war’s impact, noting it typically looks past temporary shocks like higher oil prices.

•  Immediate resistance is located at 1.3975(Daily high), any close above will push the pair towards 1.3996(Higher BB).

• Support is seen at 1.3884(Daily low) and break below could take the pair towards 1.3798 (50%fib  ).

Recommendation: Good to buy around 1.3900, with stop loss of 1.3830 and target price of 1.4000