USD/CAD has declined sharply in the US session, as the pair was weighted down by a strong rally in oil prices after data showed crude oil inventories at end of May 6 week were 540 million barrels, a 3.4-mmb decline versu…
USD/CAD has declined sharply in the US session, as the pair was weighted down by a strong rally in oil prices after data showed crude oil inventories at end of May 6 week were 540 million barrels, a 3.4-mmb decline versus the prior week.
Further upside is expected to be limited as the pair finds strong resistance at 1.2900 levels.
Currently the currency pair is trading at 1.2843 levels, it is set to decline future towards 1.2800 and later 1.2750 levels in the short term.
To the upside, the strong resistance can be seen at 1.2900, a break above will take the pair towards next resistance level at 1.2951.
To the downside immediate support can be seen at 1.2830 levels, a break below will open the door towards next level at 1.2770.
