FxWirePro: USD/CAD consolidating around 1.3139, bias is bullish
The USD/CAD pair rose on Tuesday after renewed expectations of an increase in U.S. interest rates next month pushed the dollar higher. Dollar spiked after hawkish comments from Cleveland Fed President Loretta Mester led …
The USD/CAD pair rose on Tuesday after renewed expectations of an increase in U.S. interest rates next month pushed the dollar higher.
Dollar spiked after hawkish comments from Cleveland Fed President Loretta Mester led traders to prepare for the possibility of an interest rate hike as soon as March.
Investors will keep an eye on comments from three Federal Reserve officials on Tuesday for insight into the timing of the next interest rate hike.
U.S. crude prices were up 2.3 percent at $54.63 a barrel after the Organization of the Petroleum Exporting Countries said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.
Currently, the currency pair is trading at 1.3137 levels, it is set to advance further towards 1.3180 and later 1.3230 levels in the short term.
Immediate support can be seen at 1.3126, break below this level will expose the pair to next support level at 1.3106.
Immediate resistance can be seen at 1.3146, break above this level will expose the pair towards 1.3171 levels.
