FxWirePro: USD/CAD bears capitalize on dollar decline

• USD/CAD pair edged lower on Monday as the U.S. dollar weakened amid rising geopolitical concerns and cautious investor sentiment.

•   Market participants are closely monitoring the ongoing conflict between Israel and Iran, which has fueled volatility across global markets and spurred demand for alternative safe-haven assets like gold and the Swiss franc.

• At the same time, attention is shifting toward major monetary policy decisions, including the U.S. Federal Reserve, the Bank of England, and the Bank of Japan.

• Meanwhile, focus also shifted to the G7 summit in Canada. A draft communiqué signals the leaders' commitment to preserving global market stability, with specific attention on energy markets..

  • Trade talks are also expected to take center stage at the summit, with investors closely watching for signs of progress in Canada-U.S. trade negotiations

• Immediate resistance is located at 1.3612(Daily high), any close above will push the pair towards 1.3649(38.2%fib).

• Support is seen at 1.3532(23.6%fib) and breakbelow could take the pair towards 1.3495(Lower BB).

Recommendation: Good to sell around 1.3560, with stop loss of 1.3650and target price of 1.3470