FxWirePro: USD/CAD consolidating around 1.3158, bias is remains bullish
The USD/CAD pair continued its rise on Friday, as the Canadian dollar weakened as the prices of oil declined further and stronger U.S. dollar added to further losses for the loonie. The greenback edged up against a baske…
The USD/CAD pair continued its rise on Friday, as the Canadian dollar weakened as the prices of oil declined further and stronger U.S. dollar added to further losses for the loonie.
The greenback edged up against a basket of major currencies on Friday putting it on track for its fifth straight weekly gain as expectations of a rate increase from the Federal Reserve have come back into play.
The pair remains strong, as the Canadian dollar is set to decline further against dollar in the short term.
The currency pair is trading at 1.3140 levels, it is expected to reach 1.3200 levels and 1.3265 levels in the short term.
The immediate support can be seen 1.3120 break below this level will expose the pair to next support level at 1.3050.
Major resistance can be seen at 1.3190, break above this level will expose it towards 1.3265 levels.
