FxWirePro: USD/CAD loses momentum but outlook is bullish
The USD/CAD pair inched higher on Friday as oil prices dipped slightly and dollar firmed ahead of a vote in Washington on healthcare reform, seen as pivotal for U.S. President Donald Trump's pro-growth agenda. Trump warn…
The USD/CAD pair inched higher on Friday as oil prices dipped slightly and dollar firmed ahead of a vote in Washington on healthcare reform, seen as pivotal for U.S. President Donald Trump's pro-growth agenda.
Trump warned House Republican lawmakers that he will leave Obamacare in place and move on to tax reform if they do not get behind new healthcare legislation in a vote on Friday.
Canada's annual inflation rate dipped to 2.0 percent in February from 2.1 percent in January, Statistics Canada said. Analysts had expected the inflation rate to remain at 2.1 percent.
Oil prices dipped slightly amid hopes that an OPEC output cut was beginning to balance a long-oversupplied market.
The pair remains under bulls control unless until it trades above 1.3000 resistance level, therefore it is good to buy this pair on dips.
The immediate support can be seen at 1.3360, break below this level will expose the pair to next support level at 1.3000.
Major resistance can be seen at 1.3456, break above this level will open the door towards 1.3500 levels.
