- The USD/CAD pair inched on Monday higher as oil prices fell and the greenback posted broader gains, while investors awaited the start of renegotiations of the NAFTA trade pact this week.
- Prices of oil, one of Canada's major exports, fell as a slowdown in Chinese refining raised concerns about demand for crude in the Asian country.
- The greenback edged higher against a trade-weighted basket of currencies as U.S. officials played down the risk of an imminent war.
- The ongoing upside is set to continue for this pair as the support level at 1.2662 is likely to act as strong barrier to the bears and push the pair towards higher side.
- The immediate support can be seen at 1.2662, break below this level will expose the pair to next support level at 1.2600.
- Immediate resistance can be seen at 1.2724, break above this level will expose the pair towards 1.2745 levels.
Resistance Levels
R1: 1.2724 (38.2% Retracement level)
R2: 1.2745 (Aug 11th high)
R3: 1.2800 (23.6% Retracement level)
Support Levels
S1: 1.2662 (50% Retracement level)
S2: 1.2600 (61.8% Retracement level)
S3: 1.2553 (Aug 4th low)
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