FxWirePro: USD/CAD consolidating around 1.3665, bias is bullish
The USD/CAD pair rose on Thursday as oil dipped and the dollar was broadly steadier as investors assessed President Donald Trump's tax reform plan. Trump's plan would cut the income tax rate paid by public corporations t…
The USD/CAD pair rose on Thursday as oil dipped and the dollar was broadly steadier as investors assessed President Donald Trump's tax reform plan.
Trump's plan would cut the income tax rate paid by public corporations to 15 percent from 35 percent and reduce the top tax rate assessed on pass-through businesses, including small partnerships and sole proprietorships, to 15 percent from 39.6 percent.
Oil prices fell on Thursday after news that two key oilfields in Libya had restarted, pumping crude for export into an already bloated market.
The ongoing upside is set to continue for this pair as the support level at 1.3562 is likely to act as strong barrier to the bears in the short term.
Immediate support can be seen at 1.3615, break below this level will expose the pair to next support level at 1.3562.
Immediate resistance can be seen at 1.3665, break above this level will expose the pair towards 1.3700 levels.
