FxWirePro: USD/CAD edges lower but bullish outlook persists

• USD/CAD edged lower  on Thursday as  Canadian dollar was supported by jump in Oil and upbeat Canadian retail sales data

•  Canada's retail sales rose 1% in May, matching expectations, as ​sales at gasoline stations and fuel vendors led broad-based ‌gains, data showed on Thursday.

•  Core retail sales, which exclude sales at gasoline stations and motor vehicle and parts dealers, increased ​0.9% driven by ​higher sales at ⁠general merchandise retailers..

•The price of oil, one of Canada's major exports, jumped 6.2% to $92.40 a barrel after Yemen's ‌Houthis ⁠said they had attacked two Saudi oil tankers in the Red Sea, adding to concerns over global supply disruptions.

•Meanwhile,Canada will do ​whatever it takes ⁠to defend its workers, farmers and businesses in a trade war with the U.S., Prime Minister Mark Carney told a meeting of provincial ​premiers.

•  Immediate resistance is located at 1.4113(38.2%fib), any close above will push the pair towards 1.4138(SMA 20).

• Support is seen at 1.4013 (50%fib) and break below could take the pair towards 1.3946 (Lower BB).

Recommendation: Good to buy  around 1.4070, with stop loss of 1.4000,  and target price of 1.4120