FxWirePro: USD/CAD runs out of steam but maintains bullish outlook

• USD/CAD dipped on Friday   after domestic data showed that the economy added more jobs than expected last month, reducing concerns about the growth outlook..

 •Data on Tuesday ⁠showed that Canadian exports rose for the fourth consecutive month in May, adding to evidence that the economy recovered in ​the second quarter after two consecutive quarters of •contraction.

•The Bank of Canada will hold its overnight rate at 2.25% on July 15 and keep it there well into next year as price pressures remain largely contained and the economy ​gradually recovers, a Reuters poll ​showed.

•The ​price of ⁠oil , one of Canada's major exports, fell 1.3% to $71.11 a barrel but was on track for weekly gains as renewed U.S.-Iran fighting disrupted shipping in the ⁠Strait ​of Hormuz.

• Investors see a roughly 60% chance the BoC will raise interest rates this year, up from 40% on Tuesday, swap market data showed.

•  Immediate resistance is located at 1.4172(Daily high), any close above will push the pair towards 1.4245(23.6%fib).

• Support is seen at 1.4099(SMA 20) and break below could take the pair towards 1.4004(38.2%fib).

Recommendation: Good to buy around 1.4150 with stop loss of 1.4000 and target price of 1.4240