FxWirePro: USD/CAD consolidating around 1.3577, bias is bullish
The USD/CAD pair continued to inch higher on Wednesday as the loonie was pressured by lower oil prices and investors turned their attention to U.S. President Donald Trump's promised announcement on tax cuts. Oil prices f…
The USD/CAD pair continued to inch higher on Wednesday as the loonie was pressured by lower oil prices and investors turned their attention to U.S. President Donald Trump's promised announcement on tax cuts.
Oil prices fell ahead of data that will shed light on U.S. crude inventories after an industry report indicated a surprise rise in fuel stocks, underscoring the persistence of global oversupply. Canada is a major exporter of oil.
Canadian retail sales were down 0.6 percent in Feb, falling by more than economists' forecasts for a decline of 0.1 percent, though January was revised slightly higher to a gain of 2.3 percent from the previously reported 2.2 percent.
Currently, the pair is trading around 1.3577 levels, it is set to decline further towards 1.3650 and later 1.3700 level in the short term.
The immediate support can be seen at 1.3559, break below this level will expose the pair to next support level at 1.3512.
Major resistance can be seen at 1.3667, break above this level will expose it towards 1.3700 levels.
