FxWirePro: USD/CAD gains some ground but bearish outlook persists

• USD/CAD firmed on Thursday as investors assessed prospects of a temporary U.S.-Iran truce and awaited key domestic jobs data for fresh direction..  

• The U.S. and Iran appear close to ​a limited, temporary agreement to halt the war, with the emerging ⁠deal expected to be a short-term memorandum rather than a comprehensive peace ​accord.

• Canadian employment data, due on Friday, is expected to show the economy adding 15,000 jobs in April and the unemployment rate remaining at 6.7%..

•   The price of oil, one of Canada's major exports, clawed back some of the previous day's sharp decline as investors weighed prospects the Strait of Hormuz would be reopened.

• The greenback also drifted higher after data showed initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 207,000 for the week ended April 11.

•Investors are pricing in two interest rate hikes from the Bank of Canada by December, according to swap market data.

•  Immediate resistance is located at 1.3664(50%fib), any close above will push the pair towards 1.3680(SMA 20).

• Support is seen at 1.3552( 38.2%fib)and break below could take the pair towards 1.3516(Lower BB).

Recommendation: Good to sell  around 1.3680 with stop loss of 1.3750 and target price of 1.3600