The USD/CAD pair declined in the US session on Monday as oil prices rose supporting commodity related Canadian dollar after the world's top crude producers agreed to the first joint output cut since 2001. U.S. crude pric…
The USD/CAD pair declined in the US session on Monday as oil prices rose supporting commodity related Canadian dollar after the world's top crude producers agreed to the first joint output cut since 2001.
U.S. crude prices were up 4.49 percent at $53.81 a barrel after the Organization of the Petroleum Exporting Countries and some of its rivals reached a deal to jointly reduce output to try to tackle global oversupply and boost prices.
The currency pair is trading around 1.3125 levels and it is set to decline towards 1.3080 and 1.3300 in the short term.
To the upside, the strong resistance can be seen at 1.3182, a break above will take the pair towards next resistance level at 1.3245.
To the downside, immediate support can be seen at 1.3109 levels, a break below will open the door towards next level at 1.3060.
