• USD/CAD strengthened on Thursday as dollar regained footing after US economic data.
• Data showed U.S. producer prices rose more than expected in November, driven by a surge in food costs.
• In a separate report, data showed that new unemployment benefit claims in the U.S. unexpectedly increased to 242,000 for the week ending Dec. 7, surpassing the forecasted 220,000.
• Traders are betting on a 98% chance of an interest rate cut next week, according to CME's FedWatch tool.
• At GMT 16:39, the pair was up 0.43% at 1.4182, marking its highest level since 10th December.
• Immediate resistance is located at 1.4180 (23.6%fib), any close above will push the pair towards 1.4237(Higher BB).
• Support is seen at 1.4130(Daily low) and break below could take the pair towards 1.4097(38.2%fib).
Recommendation: Good to buy around 1.4160, with stop loss of 1.4050 and target price of 1.4260
