FxWirePro: USD/CAD consolidating around 1.3331, bias is bullish
The USD/CAD inched higher on Thursday as oil prices fell and dollar recovered some ground ahead of a vote on U.S. healthcare replacement later in the day. The vote on a Republican healthcare plan is seen as a litmus test…
The USD/CAD inched higher on Thursday as oil prices fell and dollar recovered some ground ahead of a vote on U.S. healthcare replacement later in the day.
The vote on a Republican healthcare plan is seen as a litmus test of President Donald Trump's ability to negotiate with Congress and deliver on tax and spending promises.
Investors were cautious with Trump poised to make a final push to secure the votes needed to begin dismantling Obamacare in the House of Representatives, amid signs enough Republicans might defect to jeopardize one of his top legislative priorities.
Oil prices dipped on Thursday as investors were worried that OPEC-led supply cuts were not yet reducing record U.S. crude inventories.
Further decline for this pair is expected to be limited as support level 1.3262 at is set to hold the bears from falling further below and bring rebound back to higher side.
To the upside, immediate resistance can be seen at 1.3393, a break above this level would take the pair towards next resistance level at 1.3473.
To the downside, immediate support can be seen 1.3330, a break below this level will open the door towards next level at 1.3262.
