FxWirePro: USD/CAD holds above 1.3800 but upside is limited

• USD/CAD edged higher  on Wednesday  as upbeat US economic data and  optimism that trade deals will brighten the U.S. economic outlook lifted greenback.

•  US consumer confidence rose to 98 in May, a Conference Board report showed. Economists polled   had expected the index to stand at 87.

 • Stronger consumer confidence on Tuesday reinforced expectations that the U.S. economy remains robust, leading the Fed to focus on inflation in upcoming policy decisions until signs of weakening appear.

 • The Federal Reserve will release minutes from its May 6-7 meeting later on Wednesday, but no major surprises are expected.

•At GMT 16:44, the greenback was trading up   0.09 percent  at 1.3821 against Canadian dollar

•  Immediate resistance is located at 1.3860(38.2%fib), any close above will push the pair towards 1.3944(May 8th high).

• Support is seen at 1.3686(23.6%fib) and break below could take the pair towards 1.3638 (Lower BB).

Recommendation: Good to sell  around 1.3830 with stop loss of 1.3900 and target price of 1.3720