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• USD/CAD rose on Thursday as dollar rebounded after data showed U.S. producer prices increased more than expected in July .
• A Labor Department report showed the US Producer Price Index rose 3.3% year-on-year in July, above the 2.5% forecast, and climbed 0.9% month-on-month, beating expectations of a 0.2% increase.
In the 12 months through July, the PPI increased 3.3% after advancing 2.4% in June.
• Separate data showed the number of Americans filing new applications for jobless benefits fell last week amid low layoffs.
• At GMT 05:07, the US dollar was down 0.16% to 0.6501 against the Canadian dollar.
• Immediate resistance is located at 1.3819(Daily high), any close above will push the pair towards 1.3867(50%fib).
• Support is seen at 1.3739(38.2%fib) and break below could take the pair towards 1.3655(July 11th low).
Recommendation: Good to buy around 1.3790, with stop loss of 1.3650 and target price of 1.3860
