FxWirePro: USD/CAD hits 1-week high as oil falls, outlook is bullish
USD/CAD pair begun the week advancing higher from Fridays close as comments by a Federal Reserve on rate hike supported the greenback and oil prices declined 3 percent as China ramped up exports of refined products. Curr…
USD/CAD pair begun the week advancing higher from Fridays close as comments by a Federal Reserve on rate hike supported the greenback and oil prices declined 3 percent as China ramped up exports of refined products.
Currently, the currency pair is trading at 1.2920 levels, it is set to advance further towards 1.3000 and later 1.3070 levels in the short term.
To the upside, the strong resistance can be seen at 1.2991, a break above this level would take the pair towards next resistance level at 1.3071.
To the downside, immediate support can be seen 1.2861, a break below this level will open the door towards next level at 1.2761.
