FxWirePro: USD/CAD shows upside momentum, but bearish outlook remains

• USD/CAD edged higher  on Tuesday as defusing trade tensions between the United States and the European bloc and boosted investor sentiment.

• Following a weekend call with the European Commission president, Trump delayed his 50% tariff threat on EU goods. The new deadline is set for July 9.

•  Trump’s shifting tariff stance and rising concerns over the U.S. deficit have weakened sentiment toward U.S. assets, weighing on the dollar.

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

. •At GMT 14:49, the pair was trading up   0.23 percent  at 1.3769

•  Immediate resistance is located at 1.3837(38.2%fib), any close above will push the pair towards 1.3878(61.8%fib).

• Support is seen at 1.3686(23.6%fib) and break below could take the pair towards 1.3627(Lower BB).

Recommendation: Good to sell  around 1.3800 with stop loss of 1.3870 and target price of 1.3720