FxWirePro: USD/CAD consolidating around 1.3428, bias is bullish
The USD/CAD pair rose on Tuesday as dollar was broadly steadier as the market priced in the high likelihood of a U.S. Federal Reserve interest rate hike next week. The Federal Reserve has left no stone unturned in prepar…
The USD/CAD pair rose on Tuesday as dollar was broadly steadier as the market priced in the high likelihood of a U.S. Federal Reserve interest rate hike next week.
The Federal Reserve has left no stone unturned in preparing the markets for tighter monetary policy, with an unusual number of key officials including Fed Chair Janet Yellen hinting at a rate hike in the central bank's March 14-15 meeting.
Oil prices firmed on Tuesday but stayed in a tight range, with investors seeking a clearer direction from inventory data and comments from oil officials as rising U.S. shale output offset OPEC production cuts.
Short dip around 1.3380 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 1.3408, break below this level will expose the pair to next support level at 1.3376.
Immediate resistance can be seen at 1.3437, break above this level will expose the pair towards 1.3475 levels.
