FxWirePro: USD/CAD downside pressure builds, key support level in focus

• USD/CAD extended decline  on Friday after ‌Iran's move to open the Strait of Hormuz   lifted  investor sentiment globally.

• Iran’s Foreign Minister Abbas Araqchi said in a post on X that the Strait of Hormuz was open during the ceasefire following the Lebanon truce, while U.S. President Donald Trump said a peace deal with Tehran could come “soon,” though no clear timeline was given.

•   U.S. crude  plummeted 11.53% to $83.77 a barrel, while Brent  plunged to $88.80 per barrel, down 10.65% on the day.

• The greenback also drifted higher after data showed initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 207,000 for the week ended April 11.

•Domestic ​data showed Canadian housing starts posted a surprise decline in March, falling 6% from the previous month, data from the national housing agency showed on Friday.

•  Immediate resistance is located at 1.3709(Daily high), any close above will push the pair towards 1.3739(50%fib).

• Support is seen at 1.3643 ( 38.2%fib)and break below could take the pair towards 1.3606 (Lower BB).

Recommendation: Good to sell  around 1.3680 with stop loss of 1.3750 and target price of 1.3600