FxWirePro: Broad based USD strength and lower oil prices pushing USD/CAD higher

Oil prices fell on Wednesday as concerns about the global economy exacerbated worries that an oversupply of crude could last longer than expected.

• USD stronger across the board ahead of key US ADP employment report, expectaions are for a positive print
   
• USD/CAD staged a strong recovery from 1.3117-16 levels (Mon/Tues lows), to day's high by 1.3276 and is currently trading at 1.3252, with scope for further gains
   
• Daily momentum remains positive, 10 & 30-DMAs positive aligned for now, 30-day upper bollinger continues to point higher
   
• Immediate resistance is seen at 1.3299 (Session High Aug 28), while support on the downside is located at 1.2400 (Daily Low Sep 1)

Resistance Levels:

R1: 1.3299 (Session High Aug 28)

R2: 1.3342 (Session High Aug 26)

R3: 1.5000 (Session High Sep 2)

Support Levels:

S1: 1.2400 (Daily Low Sep 1)

S2: 1.2325 (Daily Low Aug 31)

S3: 1.2085 (10-Day MA)