FxWirePro: USD/CAD consolidating around 1.3737, bias is bullish
The USD/CAD pair inched higher at the beginning of US session on Thursday as Canadian dollar was pressured following ratings downgrade for the country's major banks offsetting higher oil prices. Moody's Investor Service …
The USD/CAD pair inched higher at the beginning of US session on Thursday as Canadian dollar was pressured following ratings downgrade for the country's major banks offsetting higher oil prices.
Moody's Investor Service on Wednesday downgraded the long-term ratings for six Canadian banks, pointing to rising domestic consumer debt and the country's elevated housing prices that leaves lenders more vulnerable to a slowdown in the Canadian economy.
Oil prices rose after U.S. fuel inventories declined and Saudi Arabia cut supplies of crude to Asia by more than expected.
The currency pair is trading around 1.3737 levels and it is set to advance further towards 1.3770 and 1.3820 in the short term.
To the upside, the strong resistance can be seen at 1.3800, a break above will take the pair towards next resistance level at 1.3840.
To the downside immediate support can be seen at 1.3694 levels, a break below will open the door towards next level at 1.3648.
