• USD/CAD strengthened on Tuesday as investors analyzed Canadian GDP data and minutes from the Bank of Canada's latest meeting.
• The Bank of Canada's Dec. 11 rate cut of 50 basis points was a close call, with some council members favoring a 25-point reduction, according to the minutes.
• Meanwhile, Monday’s data showed Canada's economy grew 0.3% in October, surpassing expectations, driven by gains in oil and gas extraction and manufacturing.
• Technical signals are bullish as RSI is at 70, daily momentum studies 11 DMA,14 DMA’s are trending up.
• Immediate resistance is located at 1.4432(23.6% fib), any close above will push the pair towards 1.4480 (Higher BB)
• Support is seen at 1.4321 (38.2%fib) and break below could take the pair towards 1.4233(50%fib).
Recommendation: Good to buy around 1.4370, with stop loss of 1.4300 and target price of 1.4500
