FxWirePro: USD/CAD strengthens on broad dollar gains

• USD/CAD strengthened on Friday as the U.S. dollar gained ground, with investors positioning ahead of upcoming tariff negotiations and key central bank meetings scheduled for next week.

•Attention is turning to major events next week, with focus on policy decisions from the Bank of Canada and the U.S. Federal Reserve.

• Investors navigated a busy week of trade discussions and cheered agreements with Japan, Indonesia and the Philippines, while hopes for a U.S.-EU deal remain as negotiations with the bloc continued.

•Meanwhile, Trump said on Friday that the United States may not reach a trade agreement with Canada, hinting his administration could set a tariff rate unilaterally.

•The two countries are aiming to reach a trade agreement before August 1, when the U.S. is set to impose 35% tariffs on all Canadian goods not covered under the U.S.-Mexico-Canada trade agreement.

• Immediate resistance is located at 1.3759 (July 17th high), any close above will push the pair towards 1.3820(50%fib).

• Support is seen at 1.3660(SMA 20) and break below could take the pair towards 1.3561(23.6%fib).

Recommendation: Good to buy around 1.3690, with stop loss of 1.3600 and target price of 1.3750