FxWirePro: USD/CAD moves lower as bearish sentiment grips

• USD/CAD dipped on Wednesday as investors welcomed the pause in new U.S. tariffs on Canadian goods, easing concerns over trade tensions between the two countries..

• U.S. President Donald Trump announced late Tuesday that the U.S. would delay imposing new 50% tariffs on Canadian goods for three days, saying the two countries had reached an agreement..

• Traders are now awaiting the minutes from the U.S. Federal Reserve’s July meeting, due later on Wednesday, for further clues on the central bank’s outlook for future interest rates.

• Meanwhile, a stalemate in the Middle East lifted oil prices to nearly three-week highs, keeping the inflation risk alive.

•U.S. President Donald Trump said on Tuesday there were no talks with Iran and that the Strait of Hormuz was open. Iran said the strait remained shut to shipping...
               
•  Immediate resistance is located at 1.3901(38.2%fib), any close above will push the pair towards 1.3997(SMA 20.).

• Support is seen at 1.3812(Lower BB) and break below could take the pair towards 1.3763(38.2%fib).

Recommendation: Good to sell around 1.3840 with stop loss of 1.3950 and target price of 1.3760