FxWirePro: USD/CAD consolidating around 1.3738, bias is bullish
The USD/CAD pair rose on Tuesday as oil dipped and the dollar was broadly steadier against a basket of major currencies. U.S. crude prices were down 0.37 percent at $46.26 a barrel, pressured by a rise in U.S. crude outp…
The USD/CAD pair rose on Tuesday as oil dipped and the dollar was broadly steadier against a basket of major currencies.
U.S. crude prices were down 0.37 percent at $46.26 a barrel, pressured by a rise in U.S. crude output that has shaken investors' faith in the ability of Organization of the Petroleum Exporting Countries to rebalance the market.
Short dip around 1.3670 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 1.3663, break below this level will expose the pair to next support level at 1.2600.
Immediate resistance can be seen at 1.3741, break above this level will expose the pair towards 1.3819 levels.
