FxWirePro: USD/CAD heads southwards as crude oil prices rebound, but outlook still bullish
Canadian dollar firmed against US dollar on Tuesday, after Canadian dollar gathered some momentum as oil rose as forecasts for a drop in U.S. inventories and speculation of producer action to prop up prices countered con…
Canadian dollar firmed against US dollar on Tuesday, after Canadian dollar gathered some momentum as oil rose as forecasts for a drop in U.S. inventories and speculation of producer action to prop up prices countered concern about a supply glut.
However, intraday trend remains bullish for the pair as the oil-correlated Canadian dollar is set to come under pressure from strengthening dollar in the short term.
The currency pair is trading around 1.3133 levels, it is expected to reach 1.3200 levels and 1.3250 levels in the short term.
The immediate support can be seen at 1.3100, break below this level will expose the pair to next support level at 1.3052.
Major resistance can be seen at 1.3200, break above this level will expose it towards 1.3252 levels.
