FxWirePro: USD/CAD bearish again as upside bias reverses
The USD/CAD declined on Wednesday as the Canadian dollar gained strength against the greenback on US election worries. The pair initially jumped up to 1.3422 levels after weekly build in US crude stocks, but uncertainty …
The USD/CAD declined on Wednesday as the Canadian dollar gained strength against the greenback on US election worries.
The pair initially jumped up to 1.3422 levels after weekly build in US crude stocks, but uncertainty about the outcome of US election strengthened Canadian dollar against the greenback.
The pair remains weak, as the Canadian dollar is set to gain further ground against the dollar on US election jitters in the short term.
The currency pair is trading at 1.3381 levels, it is expected to reach 1.3320 levels and 1.3250 levels in the short term.
The immediate support can be seen at 1.3359, break below this level will expose the pair to next support level at 1.3311.
Major resistance can be seen at 1.3448, break above this level will expose it towards 1.3500 levels.
