FxWirePro: USD/CAD approaches 1.3054 levels, more upside expected
Canadian dollar declined against US dollar on Friday, as the pair bounced higher after crude oil prices fell towards $48 per barrel, moving away from seven month high hit a day earlier. The intraday trend remains bullish…
Canadian dollar declined against US dollar on Friday, as the pair bounced higher after crude oil prices fell towards $48 per barrel, moving away from seven month high hit a day earlier.
The intraday trend remains bullish for the pair as the oil co-related Canadian dollar is weaker against US dollar ahead of Fed Janet Yellen speech.
The currency pair is trading at 1.3054 levels, it is expected to reach 1.3100 levels and later 1.3140 levels in the short term.
The immediate support can be seen at 1.3012, break below this level will expose the pair to next support level at 1.2966.
Major resistance can be seen at 1.3103, break above this level will expose it towards 1.3134 levels.
