USD/CAD has declined on Monday as the pair was weighted down after oil prices rose and Friday’s sluggish U.S. data tempered expectations of a Federal Reserve interest rate hike this year. Further upside is expected to be…
USD/CAD has declined on Monday as the pair was weighted down after oil prices rose and Friday’s sluggish U.S. data tempered expectations of a Federal Reserve interest rate hike this year.
Further upside is expected to be limited as the pair the pair finds strong resistance at 1.3029 which should limit further upside and bring decline towards lower levels.
Currently, the currency pair is trading at 1.2905 levels, it is set to decline future towards 1.2860 and later 1.2800 levels in the short term.
To the upside, immediate resistance can be seen at 1.3029, a break above will take the pair towards next resistance level at 1.3100.
To the downside, immediate support can be seen at 1.2885 levels, a break below will open the door towards next level at 1.2834.
