FxWirePro: USD/CAD hits three-week low, vulnerable to more downside

• USD/CAD declined to three-week low on Thursday as rising oil prices outweighed the impact of a stronger U.S. dollar, lending support to the Canadian dollar.

• The price of oil was up 2.4% at $93.52 a ‌barrel. ⁠Canada is a major producer of oil and other energy products.

•   The dollar snapped an eight-day losing streak on Thursday as lingering uncertainty over U.S.–Iran talks tempered expectations of a swift resolution.

• 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.

•Domestic ​data showed that home sales edged 0.1% lower in March from February and prices declined.

•Investors expect the Bank of Canada to leave its benchmark interest rate on hold at 2.25% at its next policy decision on April 29 but are pricing ⁠in ​one rate hike by the end of the year.

•  Immediate resistance is located at 1.3761( 50%fib), any close above will push the pair towards 1.3791(April 15th high).

• Support is seen at 1.3674( 61.8%fib)and break below could take the pair towards 1.3642(Lower BB).

Recommendation: Good to sell  around 1.3720 with stop loss of 1.3770 and target price of 1.3660