• USD/CAD retreated slightly on Thursday as dollar gave up some of Wednesday's gains as investors adjusted to a slower pace of policy easing by the Fed next year..
• The U.S. central bank cut borrowing costs by 25 basis points, with Chair Jerome Powell noting that further reductions depend on progress in reducing inflation.
• On the data front, an unexpected upward revision to U.S. third-quarter GDP, a decrease in jobless claims, and a surprising boost in existing home sales all pointed to the strength of the U.S. economy.
• Buying pressure will remain in the short-term, only a move below 1.4143 ( 50 % fib) strong support will undermine upside.
• Immediate resistance is located at 1.4474(23.6% fib), any close above will push the pair towards 1.4430 (Higher BB)
• Support is seen at 1.4316 (38.2%fib) and break below could take the pair towards 1.4176(50%fib).
Recommendation: Good to buy around 1.4350, with stop loss of 1.4260 and target price of 1.4460
