FxWirePro: USD/CAD extends decline, vulnerable to more downside

• USD/CAD dipped on Friday as loonie was boosted by higher oil prices and weaker dollar.

• The dollar slipped to a three-month low against the euro on Friday as concerns grew that increased U.S. Treasury buybacks of longer-dated debt could put further pressure on the currency.

•U.S. crude oil futures rose on Friday after President Donald Trump threatened sanctions on Iran’s trading partners, fueling concerns over tighter oil supplies in the weeks ahead.

• On the data front, Canadian retail sales rose 0.6% in June, beating expectations, helped by higher sales at clothing and general merchandise stores.

• Investors will turn to next week's Jackson Hole symposium, where remarks from the Federal Reserve chair could offer clues on the interest-rate outlook.
               
•  Immediate resistance is located at 1.3781(38.2%fib), any close above will push the pair towards 1.3907(38.2%fib.).

• Support is seen at 1.3706(Lower BB) and break below could take the pair towards 1.3562(23.6%fib).

Recommendation: Good to sell around 1.3900 with stop loss of 1.4000 and target price of 1.3830