FxWirePro: USD/CAD consolidating around 1.2950, bias is bullish
Canadian dollar declined against US dollar on Tuesday, as the loonie was weighted down on uncertainty about the global of economic growth in the face of a slower China and signs of economic stress stemming from Britain's…
Canadian dollar declined against US dollar on Tuesday, as the loonie was weighted down on uncertainty about the global of economic growth in the face of a slower China and signs of economic stress stemming from Britain's vote to leave the European Union.
The intraday trend remains bullish for the pair as the Canadian dollar is set to come under pressure from strengthening dollar in the short term.
The currency pair is trading at 1.2950 levels, it is expected to reach 1.3050 levels and later 1.3100 levels in the short term.
The immediate support can be seen at 1.2915, break below this level will expose the pair to next support level at 1.2854.
Major resistance can be seen at 1.3060 break above this level will expose it towards 1.3100 levels.
