FxWirePro: USD/CAD outlook weaker on renewed downside pressure

• USD/CAD edged lower    as investors assessed  weaker-than-expected domestic and U.S. economic data while monitoring developments in trade talks ahead of President Trump’s July 9 tariff deadline.

• Data showed Canada’s manufacturing activity slumped in June, hit by weakening demand linked to U.S. tariffs, marking the largest output decline in five years.

• Meanwhile, U.S. data showed that private payrolls unexpectedly fell  in June, with job gains coming in below expectations..

•Looking ahead, traders braced for Thursday’s nonfarm payrolls release, a critical data point that could influence the Fed’s policy outlook.

•   Technicals are favoring bearish sentiment as RSI is at 41 and the pair is trading below 11, 14 & 21-DMA’s.

. • Immediate resistance is located at 1.3669(SMA 20), any close above will push the pair towards 1.3767(38.2%fib).

• Support is seen at 1.3556(23.6%fib) and break below could take the pair towards 1.3533(Lower BB BB).

Recommendation: Good to sell around 1.3650, with stop loss of 1.3760and target price of 1.3560