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FxWirePro: USD/CAD rallies after Trump escalates trade war with Canada

• USD/CAD strengthened   on Friday as greenback firmed after U.S. President Donald Trump's ramped-up tariffs on Canada and other trading partners  .

• U.S. President Donald Trump issued a letter late Thursday announcing a 35% tariff on all imports from Canada, effective August 1.

• Trump floated raising tariffs on other countries to 15% or 20%, up from the current 10% baseline, further escalating trade tensions.

•On the data front, Canada's unemployment rate declined slightly to 6.9% in June, driven by unexpected employment gains across wholesale and retail trade, manufacturing, healthcare, and social assistance .

 • Statistics Canada reported that the economy added 83,100 jobs in Junethe first net employment increase since January with most of the growth concentrated in part-time roles.

• Immediate resistance is located at 1.3747(38.2%fib), any close above will push the pair towards 1.3792(Higher BB).

• Support is seen at 1.3573(23.6%fib) and break below could take the pair towards 1.3542(Lower BB).

Recommendation: Good to buy around 1.3690, with stop loss of 1.3620 and target price of 1.3750

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