• USD/CAD strengthened on Wednesday as the greenback posted broad-based gains and minutes from the Bank of Canada's latest policy decision showed the central bank was content to remain on the sidelines.
• The BoC's Governing Council felt it could afford to be patient and hold interest rates at 2.25% ahead of its April 29 announcement, while acknowledging the situation might change quickly..
• • The U.S. dollar rose against a basket of major currencies, supported by the latest hot U.S. inflation reading.
• The price of oil settled 1.1% lower at $101.02 a barrel, giving back some recent gains. Oil is one of Canada's major exports.
• Immediate resistance is located at 1.3758(Higher BB), any close above will push the pair towards 1.4420(61.8%fib).
• Support is seen at 1.3658 (38.2%fib) and break below could take the pair towards 1.3574(Lower BB).
Recommendation: Good to buy around 1.3700, with stop loss of 1.3640 and target price of 1.3760
