FxWirePro: USD/CAD gains some upside momentum but still bearish
The USD/CAD pair inched higher in the US session on Thursday as slide in oil prices pressured oil correlated Canadian dollar. Oil prices fell as OPEC prepared to extend supply curbs by nine months to March 2018 to drain …
The USD/CAD pair inched higher in the US session on Thursday as slide in oil prices pressured oil correlated Canadian dollar.
Oil prices fell as OPEC prepared to extend supply curbs by nine months to March 2018 to drain a glut that has depressed markets for almost three years.
However, further upside for this pair is limited as the resistance level at 1.3553 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the strong resistance can be seen at 1.3501, a break above will take the pair towards next resistance level at 1.3553.
To the downside immediate support can be seen at 1.3448 levels, a break below will open the door towards next level at 1.3384.
