FxWirePro: USD/CAD edges higher but downtrend likely to resume

• USD/CAD edged higher  as  dollar pared losses after data showed a better-than-expected increase in labor market demand.

• U.S. job openings rose unexpectedly in May, but slower hiring signaled a cooling labor market as tariff uncertainty weighed ahead of the end of a 90-day pause on higher duties..

• Job openings, a key indicator of labor demand, increased by 374,000 to 7.769 million in May, according to the Labor Department’s JOLTS report released Tuesday.

• Meanwhile ,economists expect Thursday’s jobs report to show the unemployment rate rising to 4.3% in June from 4.2% in May, with nonfarm payrolls up by 110,000 after a 139,000 gain in May. The report is released early due to the July 4 holiday.

•   Technicals are favoring bearish sentiment as RSI is at 44 and the pair is trading below 11, 14 & 21-DMA’s.

. • Immediate resistance is located at 1.3666(Daily high), any close above will push the pair towards 1.3750(38.2%fib).

• Support is seen at 1.3569(23.6%fib) and break below could take the pair towards 1.3533(Lower BB BB).

Recommendation: Good to sell around 1.3670, with stop loss of 1.3760and target price of 1.3560