The USD/CAD pair declined in the US session as oil correlated Canadian dollar strengthened after major petroleum producers agreed to cut output for the first time in eight years. Oil prices surged more than 4 percent on …
The USD/CAD pair declined in the US session as oil correlated Canadian dollar strengthened after major petroleum producers agreed to cut output for the first time in eight years.
Oil prices surged more than 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut.
The currency pair is trading around 1.3318 levels and it is set to decline towards 1.3280 and 1.3250 in the short term.
To the upside, the strong resistance can be seen at 1.3444, a break above will take the pair towards next resistance level at 1.3540.
To the downside immediate support can be seen at 1.3312 levels, a break below will open the door towards next level at 1.3232.
