FxWirePro: USD/CAD key support at 1.2963, bullish in the short term
USD/CAD pair has begun the week advancing higher from Fridays close to hit high around 1.3083 levels as investors ditched bullish bets on another price rise in oil and the chances the OPEC countries agreeing to cut their…
USD/CAD pair has begun the week advancing higher from Fridays close to hit high around 1.3083 levels as investors ditched bullish bets on another price rise in oil and the chances the OPEC countries agreeing to cut their production output looks unlikely.
Currently the pair is trading around 1.3034, it is set to continue advancing further as the pair is trading above strong resistance level at 1.3000 levels.
Any decline is expected to be limited as the support level at 1.2963 is set to hold the bears from falling further below.
To the upside, the strong resistance can be seen at 1.3100, a break above this level would take the pair towards next resistance level at 1.3142.
To the downside immediate support can be seen 1.3030, a break below this level will open the door towards next level at 1.3300 handle.
