Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD falls as oil surge strengthens Canadian dollar

• The USD/CAD pair edged lower on Friday as a sharp rise in oil prices provided a significant boost to the Canadian dollar.

• Crude oil surged on heightened geopolitical tensions in the Middle East, particularly after Israeli airstrikes against Iran reignited fears of potential supply disruptions.

• Brent crude oil prices were last up almost 9% at $75.54 per barrel  , having jumped as much as 14% during Asian hours.

• Escalating tensions in the oil-rich Middle East have added to market uncertainty, compounding global economic strain already heightened by President Trump’s aggressive and unpredictable trade policies.

• At GMT 15:21,  the dollar was trading down 0.16percent  at 1.3582 against Canadian dollar.

• Immediate resistance is located at 1.3687 (38.2%fib), any close above will push the pair towards 1.3732(June 11th high).

• Support is seen at 1.3563(23.6%fib) and break below could take the pair towards 1.3510(Lower BB).

Recommendation: Good to sell around 1.3600, with stop loss of 1.3680 and target price of 1.3520

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.