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

• USD/CAD edged higher on Thursday   as dollar recovered some  ground   after the U.S. House of Representatives passed President Donald Trump's tax bill .

• The Republican-led U.S. House narrowly passed a broad tax and spending bill by just one vote, advancing key elements of President Trump’s policy agenda..

•  The bill now heads to the Republican-led Senate, where its passage would advance Trump’s populist agenda with tax breaks on tips and car loans, along with increased military spending.

•On the data front, U.S. business activity rose in May, and jobless claims fell last week, indicating steady employment growth.

• At GMT 17:14, the dollar was up 0.05% at 1.3866 against Canadian dollar.

•  Immediate resistance is located at 1.3908(38.2%fib), any close above will push the pair towards 1.4000(Psychological level).

• Support is seen at 1.3781(23.6%fib) and break below could take the pair towards 1.3732(Lower BB).

Recommendation: Good to sell  around 1.3880 with stop loss of 1.3960 and target price of 1.3740