FxWirePro: USD/CAD declines sharply as market reacts to new tariff announcements

• USD/CAD dropped sharply on Thursday as investors turned away from the greenback following President Donald Trump's announcement of harsher-than-expected tariffs on U.S. trading partners.

•The highly anticipated tariff announcement sent shockwaves through the markets, causing global stocks to plummet as investors flocked to the safety of bonds and gold.

• Fears of a global trade war have grown since Trump took office in January, amplified by a series of underwhelming U.S. economic reports, which have sparked concerns of a recession and weakened the dollar.

 •At GMT 15:03, the pair was trading down 1.45 percent  at 1.4047

•  Immediate resistance is located at 1.4122 (38.2%fib), any close above will push the pair towards 1.4204(Feb 14th high).

• Support is seen at 1.4031(Daily low) and break below could take the pair towards 1.3977(23.6%fib).

Recommendation: Good to sell  around 1.4080, with stop loss of 1.4150 and target price of 1.3900