FxWirePro: USD/CAD consolidating around 1.3085, bias is bullish
The USD/CAD pair rose on Monday as oil dipped and the dollar was broadly steadier after a poor set of wages data on Friday. The price of oil, one of Canada's major exports, edged down below $57 barrel on Monday as a stro…
The USD/CAD pair rose on Monday as oil dipped and the dollar was broadly steadier after a poor set of wages data on Friday.
The price of oil, one of Canada's major exports, edged down below $57 barrel on Monday as a stronger dollar and ample U.S. supplies outweighed OPEC output curbs and rising tensions between the United States and Iran.
Short dip around 1.3000 should be viewed as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
Immediate support can be seen at 1.3030, break below this level will expose the pair to next support level at 1.2963.
Immediate resistance can be seen at 1.3096, break above this level will expose the pair towards 1.3127 levels.
