FxWirePro: USD/CAD stuck in a range but maintains bullish bias

• USD/CAD was little changed on Friday as investors assessed U.S. data showing slower fourth-quarter growth and hotter‑than‑expected December inflation.

• U.S. fourth-quarter growth slowed more than expected as government spending saw its biggest drop since 1972, though firm consumer and business spending showed the economy remained resilient..

•US GDP rose at a 1.4% annualised pace in the fourth quarter, according to the advance estimate from the Bureau of Economic Analysis.

•The personal consumption expenditures price index, excluding food and energy, rose 0.4% after an unrevised 0.2% increase in November, the Bureau of Economic Analysis said on Friday.

• On the data front, Canadian retail sales fell 0.4% month-on-month to C$70 billion ($51.14 billion) in December, weighed down by weaker receipts at motor vehicle and parts dealers, data from Statistics Canada.

•  Immediate resistance is located at 1.3780 (38.2%fib), any close above will push the pair towards 1.4333(38.2%fib).

• Support is seen at 1.3641 (38.2%fib) and break below could take the pair towards 1.3628(SMA20)

Recommendation: Good to buy  around .1.3650 with stop loss of 1.3450  and target price of 1.3780