FxWirePro: USD/CAD loses momentum but outlook is bullish
The USD/CAD pair declined on Friday after data showed stronger-than-expected Canadian jobs data, although decline for the currency pair was limited as oil prices and stocks fell. The pair hit low at 1.2696, before reboun…
The USD/CAD pair declined on Friday after data showed stronger-than-expected Canadian jobs data, although decline for the currency pair was limited as oil prices and stocks fell.
The pair hit low at 1.2696, before rebounding back to trade at 1.2736 levels in the mid-morning US session.
Further downside is expected to be limited as the pair finds strong support at 1.2644 which should limit downside and bring rebound back to higher levels.
The immediate support can be seen at 1.2696, break below this level will expose the pair to next support level at 1.2644.
Major resistance can be seen at 1.2750, break above this level will expose it towards 1.2811 levels.
