FxWirePro: USD/CAD loses momentum but outlook is bullish
The USD/CAD pair retreated back slightly on Tuesday as oil prices rebounded towards 44$ per barrel as attention turned to when production will be brought back in line in Canada’s oil sands region. As long the pair trades…
The USD/CAD pair retreated back slightly on Tuesday as oil prices rebounded towards 44$ per barrel as attention turned to when production will be brought back in line in Canada’s oil sands region.
As long the pair trades above strong support zone located at 1.2821 levels, the ongoing bullish trend for the pair is set to continue in the short term.
The currency pair is trading around 1.2964 levels and it is set to advance further towards 1.3040 and 1.3100 in the short term.
To the upside, the strong resistance can be seen at 1.3025, a break above will take the pair towards next resistance level at 1.3080.
To the downside immediate support can be seen at 1.2900 levels, a break below will open the door towards next level at 1.2821.
