FxWirePro: USD/CAD downtrend slows, but bearish sentiment remains

• USD/CAD dipped  on Wednesday  as oil prices rose and investors awaited signs of diplomatic progress to end the war in the Middle East..

• Iran seized two ships in the Strait of Hormuz on Wednesday, tightening its grip on the strategic waterway after U.S. President Donald Trump called off attacks with no sign of peace talks restarting.

•   Oil is one of Canada's major exports, which have been disrupted in the past year by hefty U.S. tariffs on critical sectors, such as autos, steel and aluminum.

• 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.

• On the data front, February retail sales data is due on Friday, could offer additional clues on the state of the domestic economy, with economists expecting a monthly increase of 0.9%

•  Immediate resistance is located at 1.3723(50%fib), any close above will push the pair towards 1.3747(April 17th high).

• Support is seen at 1.3643 ( 38.2%fib)and break below could take the pair towards 1.3589 (Lower BB).

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