FxWirePro: USD/CAD changes short term trend from neutral to bearish
The USD/CAD pair declined on Thursday as the Canadian dollar gained strengthened against its broadly stronger U.S. counterpart shaking off lower oil prices, as investors assessed political uncertainty. The U.S. dollar ro…
The USD/CAD pair declined on Thursday as the Canadian dollar gained strengthened against its broadly stronger U.S. counterpart shaking off lower oil prices, as investors assessed political uncertainty.
The U.S. dollar rose against a basket of major currencies after the European Central Bank cut its forecasts for inflation.
Brent crude stabilized at $48.18 a barrel in New York trading, after another steep drop briefly below $48 overnight. It is now down more than 7 percent year-on-year.
Currently, the currency pair is trading at 1.3496 levels, it is set to decline further towards 1.3470 and later 1.3440 levels in the short term.
The immediate support can be seen at 1.3469, break below this level will expose the pair to next support level at 1.3425.
Major resistance can be seen at 1.3564, break above this level will expose it towards 1.3607 levels.
