FxWirePro: USD/CAD intraday upside momentum strong, after crude oil prices fall
The USD/CAD pair edged higher on Monday as oil prices declined and Fridays’ better-than-expected U.S. retail sales boosted dollar on expectations that Federal Reserve may raise interest rates later this year. As long the…
The USD/CAD pair edged higher on Monday as oil prices declined and Fridays’ better-than-expected U.S. retail sales boosted dollar on expectations that Federal Reserve may raise interest rates later this year.
As long the pair trades above strong support zone located at 1.2900 levels, the ongoing bullish trend for the pair is set to continue in the short term.
The currency pair is trading around 1.2995 levels, it is expected to reach 1.3050 levels and 1.3120 levels in the short term.
The immediate support can be seen at 1.2971, break below this level will expose the pair to next support level at 1.2900.
Major resistance can be seen at 1.3044, break above this level will expose it towards 1.3136 levels.
