FxWirePro:USD/CAD attracts selling interest, vulnerable to more downside

• USD/CAD declined  on Monday  as optimism over U.S. trade negotiations with key partners helped boost sentiment.

•  Canada scrapped its planned digital services tax on U.S. tech giants at the last minute, seeking to restart trade negotiations with Washington.

• Investors are awaiting updates on U.S. trade agreements, with negotiations between Canada and the U.S. expected to resume ahead of the July tariff deadline.

• Trump and Carney met at the G7 summit earlier this month, where the Canadian Prime Minister said they agreed to finalize a new economic deal within 30 days.

• Investors remained cautious as a massive U.S. tax and spending bill faced delays in the Senate, casting doubt on meeting Trump’s July 4 deadline.

• Immediate resistance is located at 1.3713(38.2%fib), any close above will push the pair towards 1.3780(Higher BB).

• Support is seen at 1.3589(Lower BB) and break below could take the pair towards 1.3546(23.6%fib).

Recommendation: Good to sell around 1.3640, with stop loss of 1.3730 and target price of 1.3550