FxWirePro: USD/CAD heads southwards as crude oil prices rebound, outlook strongly bearish
Canadian dollar rose sharply against US dollar on Thursday, after Canadian dollar was supported by rally in oil price which rose above $50 a barrel for the first time in nearly seven months as supply glut that plagued th…
Canadian dollar rose sharply against US dollar on Thursday, after Canadian dollar was supported by rally in oil price which rose above $50 a barrel for the first time in nearly seven months as supply glut that plagued the oil market for many days showed signs of easing.
The intraday trend remains bearish for the pair as the oil-correlated Canadian dollar is set to gain against dollar.
The currency pair is trading at 1.2917 levels, it is expected to reach 1.2850 levels and later 1.2800 levels in the short term.
The immediate support can be seen at 1.2893, break below this level will expose the pair to next support level at 1.2820.
Major resistance can be seen at 1.3043, break above this level will expose it towards 1.3100 levels.
