FxWirePro: USD/CAD consolidating around 1.3160, bias is bullish
The USD/CAD pair inched higher in the US session as the greenback made broad-based gain after solid U.S. manufacturing activity reinforced expectations that Federal Reserve will raise interest rates in December. Institut…
The USD/CAD pair inched higher in the US session as the greenback made broad-based gain after solid U.S. manufacturing activity reinforced expectations that Federal Reserve will raise interest rates in December.
Institute for Supply Management (ISM) survey on Monday showed on the nation's manufacturing sector returned to expansion in September.
The currency pair is trading around 1.3160 levels and it is set to advance towards 1.3200 and 1.3280 in the short term.
To the upside, the strong resistance can be seen at 1.3280, a break above will take the pair towards next resistance level at 1.3352.
To the downside immediate support can be seen at 1.3100 levels, a break below will open the door towards next level at 1.3044.
