FxWirePro: USD/CAD rebounds as bulls take charge

• USD/CAD rebounded  strongly on Friday as greenback was boosted after   comments from Fed Chair Jerome Powell.

• Fed Chair Jerome Powell said officials are struggling to agree on the future direction of monetary policy and cautioned investors against expecting another rate cut in December.

• Comments from Federal Reserve Chair Jerome Powell on Wednesday led traders to trim expectations for a rate cut at the central bank’s December meeting..

• On the trade front, U.S. President Donald Trump agreed to ease certain tariffs on Chinese goods in return for Beijing resuming purchases of American soybeans, maintaining rare earth exports, and strengthening action against fentanyl trafficking..

• Separately, Trump mentioned on Thursday that he had a pleasant exchange with Canadian Prime Minister Mark Carney at a dinner event in South Korea, despite the ongoing trade dispute between the neighboring countries.

•  Immediate resistance is located at 1.4012(Daily high), any close above will push the pair towards 1.4085(23.6%fib).

• Support is seen at 1.3909(38.2%fib) and break below could take the pair towards 1.38311(61.8%fib).

Recommendation: Good to buy  around 1.3970, with stop loss of 1.3920 and target price of 1.4080