FxWirePro: USD/CAD poised at critical support, looking vulnerable

• USD/CAD slipped lower on Wednesday as traders assessed key economic data releases from both the United States and Canada.

• Gross domestic product (GDP) declined by 0.3% in the quarter, according to the Commerce Department's initial estimate, as a surge in imports—driven by efforts to frontload purchases before new Trump-era tariffs—weighed on growth.

• Another set of data showed ,U.S. private payrolls growth slowed more than expected in April, reinforcing concerns over a weakening economic outlook.  

• Canada's gross domestic product contracted by 0.2% in February on a monthly basis as activities across mining, oil and gas and construction sectors shrunk.

•  Immediate resistance is located at 1.3862(April 30th high), any close above will push the pair towards 1.3934(38.2%fib).

• Support is seen at 1.3782(23.6%fib) and break below could take the pair towards 1.3700(Psychological level).

Recommendation: Good to sell around 1.3800, with stop loss of 1.3880 and target price of 1.3720