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FxWirePro: USD/CAD uptrend loses steam, remains on bullish path

• USD/CAD initially gained but recovered some ground as   US inflation data for September .

• US inflation accelerated beyond forecasts last month, reinforcing market bets that the Federal Reserve may raise interest rates again as soon as this month.

• Hotter-than-expected US CPI has revived expectations of near-term Fed tightening, with PPI, retail sales and further Fed commentary now in focus.

•   Traders see a 46% chance that the Federal Reserve will raise interest rates by a quarter percentage point on October 28..

• Meanwhile, Canada is pursuing a trade pact with India and closer EU ties to reduce reliance on the US, ahead of Indian PM Narendra Modi's visit in December.

               
•  Immediate resistance is located at 1.4321(23.6%fib), any close above will push the pair towards 1.4402(Higher BB.).

• Support is seen at 1.4187 (38.2%fib) and break below could take the pair towards 1.4165 (SMA20).

Recommendation: Good to buy around 1.4220 with stop loss of 1.4150  and target price of 1.4280

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