FxWirePro: USD/CAD remains buoyant, looks to extend gains

• USD/CAD rose on Monday as safe-haven demand for the greenback offset the potential boost to Canada's economy from higher oil prices.

• Dollar firmed as investors doubted the Middle East conflict would end quickly, while the price of oil , one of Canada's major exports, was trading 5.2% higher at $92.75 a barrel.

• Meanwhile, Canada’s factory activity bounced back last month, recovering from the early-year slump in auto sales caused by temporary shutdowns at Ontario vehicle plants for retooling...

• The price of oil, one of Canada's major exports, settled 10.3% lower at $88.13 a barrel, easing some concerns that higher inflation could lead to tighter monetary policy globally.

• Money markets now expect at least two rate hikes from the Bank of Canada this year, shifting from earlier expectations of steady policy before the conflict.

•  Immediate resistance is located at 1.3782(Higher BB), any close above will push the pair towards 1.3828(Higher BB ).

• Support is seen at 1.3751(50%fib) and break below could take the pair towards 1.3722 (Daily low).

Recommendation: Good to buy   around 1.3740, with stop loss of 1.3650  and target price of 1.3860