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

• USD/CAD moved slightly higher on Monday  as investors assessed dovish comments from Federal Reserve officials that strengthened expectations of a rate cut next month.

•Christopher Waller of the Federal Reserve said on Monday that available data point to continued labor-market weakness, warranting an additional 25-bps cut at the December 9–10 policy gathering.

• Waller’s remarks followed   New York Fed President John Williams, who said on Friday that the Fed could still lower interest rates “in the near term.”

• Investors are now looking ahead to key economic data due later this week, highlighted by Friday’s third-quarter Canadian GDP report..

• The week also kicks off the U.S. holiday shopping season, beginning with Thanksgiving on Thursday and rolling into the major retail events of Black Friday and Cyber Monday.

•  Immediate resistance is located at 1.4136(23.6%fib), any close above will push the pair towards 1.4172(Higher BB).

• Support is seen at 1.4041 (SMA20) and break below could take the pair towards 1.4032(38.2%fib).

Recommendation: Good to buy  around 1.4100, with stop loss of 1.4040 and target price of 1.4160