FxWirePro: USD/CAD shows upside momentum, but bearish outlook remains

•   USD/CAD edged higher on Tuesday as  dollar firmed after US retail sales data for March pointed to a strong U.S. economy.

• Commerce Department report showed U.S. retail sales beat expectations in March, largely driven by a 15.5% jump in gasoline receipts due to price spikes linked to the U.S.-Israel conflict with Iran.

•Investors awaited the outcome of tentative U.S.-Iran talks and Fed chair nominee Kevin Warsh's confirmation hearing.

•  Meanwhile, Data ⁠this week showed Canada's annual inflation rate rose less than analysts expected in March, further weakening the case of more rate hikes.

•  Focus next week will be on a Bank of Canada policy meeting in which the central ​bank is expected to hold rates steady at 2.25%.

• Immediate resistance is located at 1.3710(Daily high), any close above will push the pair towards 1.3767(50%fib).

• Support is seen at 1.3641(38.2%fib) and break below could take the pair towards 1.3590(Lower BB).

Recommendation: Good to sell around 1.3680, with stop loss of 1.3760 and target price of 1.3600