• USD/CAD edged higher on Wednesday as Canadian dollar weakened as escalating trade war between the United States and Canada weighed on Canadian dollar.
• The U.S. imposed broad import bans on Canadian alcoholic beverages, motorcycles and dairy products on Tuesday, following the implementation of Canada’s retaliatory tariffs on U.S. goods after midnight.
•Brent crude futures climbed above $100 a barrel for the first time since July 24 as escalating attacks across the Middle East, including strikes on tankers, raised concerns over supply disruptions and dashed hopes of a normalization in regional oil shipment.
•U.S. inflation data, due on Friday, could help guide expectations for a Federal Reserve interest rate hike next week.
• Immediate resistance is located at 1.52SMA 20), any close above will push the pair towards 1.3888(61.8%fib.).
• Support is seen at 1.3750(Lower BB) and break below could take the pair towards 1.3729(23.6%fib).
Recommendation: Good to sell around 1.3820 with stop loss of 1.3900 and target price of 1.3770
