- The USD/CAD pair inched higher on Wednesday as slightly firmer dollar and lower oil prices weighed on the risk-sensitive Canadian dollar.
- Oil prices slipped on Wednesday despite a larger-than-expected decline in U.S. crude and gasoline inventories, as investors remained concerned about high global crude output and the nagging supply glut.
- The U.S. Energy Information Administration said crude inventories declined by 2.7 million barrels, exceeding expectations for a 2.1 million-barrel drop. This data supported prices only briefly.
- The currency pair is trading around 1.3325 levels and it is set to advance further towards 1.3350 and 1.3400 in the short term.
- To the upside, immediate resistance can be seen at 1.3325 , a break above will take the pair towards next resistance level at 1.3401.
- To the downside immediate support can be seen at 1.3233 levels, a break below will open the door towards next level at 1.3163.
Resistance Levels
R1: 1.3325 (38.2% Retracement level)
R2: 1.3401 (50% Retracement level)
R3: 1.3477 (61.8% Retracement level)
Support Levels
S1: 1.3233 (23.6% Retracement level)
S2: 1.3163 (June 14th lows)
S3: 1.3100 (Psychological levels)
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