FxWirePro: USD/CAD hold steady, maintains bullish bias

• USD/CAD held steady on Thursday as investors stayed optimistic about the prospect of new global trade deals involving the U.S.

• Investor sentiment is getting a boost from a wave of investment agreements announced during President Trump’s visit to the Gulf region, alongside recent signs of progress in U.S.-China trade talks.

• On the data front, U.S. retail sales growth eased in April, and producer prices unexpectedly dropped 0.5%, defying forecasts for a 0.2% increase, according to the Labor Department..

• Separate data showed, Canadian factory sales declined 1.4% in March, while home sales edged down 0.1% in April and were 9.8% lower than a year ago.

• At GMT 15:54,  the dollar was trading up 0.03 percent  at 1.3973 against Canadian dollar.

• Immediate resistance is located at 1.4000(Psychological level), any close above will push the pair towards 1.4047(38.2%fib).

• Support is seen at 1.3950 (50%fib) and break below could take the pair towards 1.3866(61.8%fib).

Recommendation: Good to buy around 1.3950, with stop loss of 1.3870 and target price of 1.4050