The USD/CAD pair declined sharply on Tuesday as Canadian dollar was boosted by higher oil prices and weaker greenback across the board. Prices of oil, one of Canada's major exports, rose for a fourth consecutive session …
The USD/CAD pair declined sharply on Tuesday as Canadian dollar was boosted by higher oil prices and weaker greenback across the board.
Prices of oil, one of Canada's major exports, rose for a fourth consecutive session but worries over persistent oversupply capped gains.
Gains for the loonie came ahead of remarks on Wednesday by Bank of Canada Governor Stephen Poloz, who will be participating in a panel discussion at the European Central Bank's Forum on Central Banking.
The currency pair is trading around 1.3196 levels, it is set to decline towards 1.3150 and 1.3100 in the short term.
To the upside, the strong resistance can be seen at 1.3284, a break above will take the pair towards next resistance level at 1.3347.
To the downside immediate support can be seen at 1.3177 levels, a break below will open the door towards next level at 1.3133.
