FxWirePro: USD/CAD consolidating around 1.2614, bias is bullish
The USD/CAD pair rose on Wednesday after oil dipped as U.S. refinery shutdowns weighed on oil prices and the greenback climbed against a basket of major currencies. The U.S. dollar was broadly higher after U.S. data indi…
The USD/CAD pair rose on Wednesday after oil dipped as U.S. refinery shutdowns weighed on oil prices and the greenback climbed against a basket of major currencies.
The U.S. dollar was broadly higher after U.S. data indicated solid economic momentum, keeping the prospect of a December interest rate increase alive.
Prices of oil, one of Canada's major exports, slid as flooding and damage from Tropical Storm Harvey shut over a fifth of U.S. refineries, curbing demand for crude.
Currently, the currency pair is trading at 1.2618 levels, it is set to decline further towards 1.2670 and later 1.2700 levels in the short term.
Immediate support can be seen at 1.2559, break below this level will expose the pair to next support level at 1.2503.
Immediate resistance can be seen at 1.2618, break above this level will expose the pair towards 1.2668 levels.
