FxWirePro:USD/CAD bears capitalize on dollar decline

• USD/CAD slipped lower on Tuesday as White House threats toward Europe over Greenland sparked a broad selloff in the dollar.

• Trump warned that the U.S. would impose 10% tariffs on Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain starting February 1 unless Washington is permitted to purchase Greenland..

• Escalating rhetoric from the U.S. president has pressured global stocks, weakened the dollar, and pushed U.S. Treasury yields to four-month highs.

• Meanwhile, oil prices stabilized as investors weighed trade-war risks against support from stronger-than-expected fourth-quarter Chinese GDP data released on Monday..

•On the macro front, Canada's Industrial Product Price Index is slated for release on Wednesday.

•  Immediate resistance is located at 1.3849(50%fib), any close above will push the pair towards 1.3927 (Jan 16th high).

• Support is seen at 1.3803(SMA20) and break below could take the pair towards 1.3727 (38.2%fib).

Recommendation: Good to sell  around 1.3830, with stop loss of 1.3880 and target price of 1.3750