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FxWirePro: USD/CAD rebounds, outlook strongly bullish

• USD/CAD rose sharply on Monday as Canadian dollar was weighed down   by a strong U.S. dollar.

• On the economic data front, Canadian manufacturing activity increased at the fastest pace in 21 months in November.

•Later in the week, spotlight will be on key November employment numbers that could dictate how far and how fast the Bank of Canada will lower interest rates..

• At GMT 17:03,the dollar was up 0.48% at 1.4072 against Canadian dollar .

•Technical signals are bullish  as RSI up  at 61, daily momentum studies  5, 9 and 1 DMAs are trending up.

•  Immediate resistance is located at 1.4126(23.6%fib), any close above will push the pair towards 1.4178(Nov 26th high).

• Support is seen at 1.4054(38.2%fib) and break below could take the pair towards 1.3992( (50%fib).

Recommendation: Good to buy around 1.4040, with stop loss of 1.3920 and target price of 1.4130

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