FxWirePro: USD/CAD loses momentum but outlook is bullish
USD/CAD declined on Monday as the commodity relegated Canadian dollar capitalized after oil prices recovered from multi-week lows after Venezuela said OPEC and non-OPEC producers were close to a deal to stabilise the mar…
USD/CAD declined on Monday as the commodity relegated Canadian dollar capitalized after oil prices recovered from multi-week lows after Venezuela said OPEC and non-OPEC producers were close to a deal to stabilise the market.
The pairs decline was also supported by a weaker dollar and Libyan oil exports were delayed due to clashes in Libya disrupted.
However, further downside in this pair is expected to be limited as the pair finds strong support at 1.3059 which should limit downside and bring rebound back to higher levels in the short term.
To the upside, the strong resistance can be seen at 1.3204, a break above will take the pair towards next resistance level at 1.3246.
To the downside immediate support can be seen at 1.3130 levels, a break below will open the door towards next level at 1.3059.
