FxWirePro: USD/CAD maintains bullish bias with focus on 1.3400 levels
USD/CAD inched higher on Tuesday as rising risk aversion and lower oil prices weighed on the risk-sensitive Canadian dollar. Oil prices declined as optimism faded for an output-limiting deal from an oil producer meeting …
USD/CAD inched higher on Tuesday as rising risk aversion and lower oil prices weighed on the risk-sensitive Canadian dollar.
Oil prices declined as optimism faded for an output-limiting deal from an oil producer meeting in Algeria that has so far failed to yield any agreement to curb one of the worst supply gluts in history.
Currently, the currency pair is trading at 1.3269 levels, it is set to advance future towards 1.3330 and later 1.3400 levels in the short term.
To the upside, the strong resistance can be seen at 1.3335, a break above will take the pair towards next resistance level at 1.3400.
To the downside, immediate support can be seen at 1.3220 levels, a break below will open the door towards next level at 1.3169.
