FxWirePro: USD/CAD slips as Canadian dollar firms on hopes for US-Iran ceasefire deal

• USD/CAD slipped lower on Thursday    as dollar weakened after  investors weighed reports of a potential breakthrough in U.S.-Iran talks aimed at ending the war.

• According to Axios, the U.S. and Iran were exploring a 60-day ceasefire extension to allow negotiations over Tehran’s nuclear ambitions.

•The U.S. and Iran reached a tentative agreement to continue their ceasefire pending Trump’s approval after Iran retaliated against U.S. strikes by targeting an American air base in Kuwait..

• Canadian data showed the current account deficit widened to C$7.18 billion in the first quarter from a revised C$1.00 billion deficit in the previous quarter.

•Economists expect first-quarter GDP data, due on Friday, to show the economy growing at an annualized rate of 1.5%.

•  Immediate resistance is located at 1.3850(38.2%fib), any close above will push the pair towards 1.3866(Higher BB).

• Support is seen at 1.3776 (50%fib) and break below could take the pair towards 1.3735 (SMA 20).

Recommendation: Good to buy around 1.3770, with stop loss of 1.3640 and target price of 1.3830