FxWirePro: USD/CAD extends decline as oil price rally above $50 a barrel
The USD/CAD declined on Tuesday as oil prices rose towards 50$ per barrel and after bets for U.S. interest rate hikes were lowered following disappointing U.S. jobs data last week. The Canadian dollar strengthened across…
The USD/CAD declined on Tuesday as oil prices rose towards 50$ per barrel and after bets for U.S. interest rate hikes were lowered following disappointing U.S. jobs data last week.
The Canadian dollar strengthened across the board after Federal Reserve’s Janet Yellen on Monday called the latest U.S. jobs numbers disappointing and opted not to repeat her recent message that rates could rise again in the coming months.
As long the as the pair trades below strong resistance level located at 1.2982 levels, the ongoing bearish trend for the pair is set to continue in the short term.
To the upside, the immediate resistance can be seen at 1.2823, a break above will take the pair towards next resistance level at 1.2916.
To the downside immediate support can be seen at 1.2740 levels, a break below will open the door towards next level at 1.2693.
