FxWirePro: USD/CAD extends losses as weak U.S. data pressures dollar

• USD/CAD extended decline on Thursday  as weak U.S. data continue to dragged US dollar lower.

•  The dollar weakened as U.S. jobless claims rose for a second week, signaling a softening labor market amid growing tariff-related pressures.

• The latest jobless claims data won't impact the U.S. Labor Department’s May employment report, set for release Friday, as they fall outside the survey period.

• Meanwhile data showed on Thursday,Canada’s trade deficit widened to a record C$7.1 billion in April, as U.S. tariffs under Trump’s policies reduced demand for Canadian exports.

• Canada's employment figures and U.S. non-farm payrolls data, both due Friday, are expected to provide key insights into how Trump’s trade policies are affecting the labor market..

• Immediate resistance is located at 1.36838(Daily  high), any close above will push the pair towards 1.3751(38.2%fib).

• Support is seen at 1.3641(23.6%fib) and breakbelow could take the pair towards 1.3570(Lower BB).

Recommendation: Good to sell around 1.3670, with stop loss of 1.3750 and target price of 1.3590