FxWirePro: USD/CAD consolidating around 1.3713, bias is bullish
The USD/CAD pair continued to inch higher on Monday as the loonie was pressured by lower oil prices and weaker-than-expected Chinese trade data reinvigorated a recent selloff in metals. Copper prices slid to a four-month…
The USD/CAD pair continued to inch higher on Monday as the loonie was pressured by lower oil prices and weaker-than-expected Chinese trade data reinvigorated a recent selloff in metals.
Copper prices slid to a four-month low after data showed a sharp drop in imports into China, the world's biggest consumer, feeding pessimism about demand following hefty inflows into London Metal Exchange inventories last week.
Short dip around 1.3650 should be viewed as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
The immediate support can be seen at 1.3637, break below this level will expose the pair to next support level at 1.3600.
Major resistance can be seen at 1.3792, break above this level will expose it towards 1.3868 levels.
