FxWirePro: USD/CAD changes short term trend from bullish to bearish
The Canadian dollar rose against U.S. counterpart on Thursday as markets reversed course globally with the shooting death of a British lawmaker who backed Britain remaining in the European Union. Canada's annual inflatio…
The Canadian dollar rose against U.S. counterpart on Thursday as markets reversed course globally with the shooting death of a British lawmaker who backed Britain remaining in the European Union.
Canada's annual inflation slowed in May to 1.5 percent from a rate of 1.7 percent in April, meanwhile, the annual core inflation rate was 2.1 percent, down from 2.2 percent in April.
The currency pair is trading around 1.2848 levels, it is expected to reach 1.2800 and 1.2750 levels in the short term.
The immediate support can be seen at 1.2818, a break below this level will expose the pair to next support level at 1.2980.
Major resistance can be seen at 1.2919, break above this level will expose it towards 1.4130 and beyond.
