FxWirePro: USD/CAD approaches 1.2890 levels, more downside expected
Canadian dollar firmed against US dollar on Monday, as the pair declined after crude oil prices rose to hit six month high on worries about global supply outages. The intraday trend remains bearish for the pair as the oi…
Canadian dollar firmed against US dollar on Monday, as the pair declined after crude oil prices rose to hit six month high on worries about global supply outages.
The intraday trend remains bearish for the pair as the oil co-related Canadian dollar has shown strength against US dollar lately as the oil prices jumped towards $ 48.45 a barrel.
The currency pair is trading at 1.2891 levels, it is expected to reach 1.2850 levels and later 1.2780 levels in the short term.
The immediate support can be seen at 1.2923, break below this level will expose the pair to next support level at 1.2829.
Major resistance can be seen at 1.4314, break above this level will expose it towards 1.2963 levels.
