FxWirePro: USD/CAD consolidating around 1.3750, room for further gains

• USD/CAD edged higher on Thursday   as investors assessed   the impact of U.S. tariff implementation.

• Tariff concerns lingered among investors after President Trump imposed an additional 25% tariff on Indian imports Wednesday over its continued purchase of Russian oil, bringing the total tariff rate to 50%.

• U.S. President Donald Trump's higher tariffs took effect, imposing a 35% rate on Canadian imports after trade negotiations failed to meet the deadline.

• According to Ivey data released Thursday, Canadian economic activity expanded at its fastest pace in a year in July, driven by a notable rise in employment.

 • The seasonally adjusted Ivey PMI rose to 55.8 in July from 53.3 in June, marking the highest level since July 2024. A reading above 50 signals growth in activity.

• Immediate resistance is located at 1.3815(Aug 5th high), any close above will push the pair towards 1.3859(50%fib).

• Support is seen at 1.3731(38.2%fib) and break below could take the pair towards 1.3676(June 5th low).

Recommendation: Good to buy around 1.3740, with stop loss of 1.3670 and target price of 1.3790