FxWirePro: USD/CAD maintains bullish bias with focus on 1.3400 levels
USD/CAD rose on Friday as down beat Canadian economic data and lower oil prices weighed on the risk-sensitive Canadian dollar. Canada's annual inflation rose in September to 1.3 percent from a rate of 1.1 percent in Augu…
USD/CAD rose on Friday as down beat Canadian economic data and lower oil prices weighed on the risk-sensitive Canadian dollar.
Canada's annual inflation rose in September to 1.3 percent from a rate of 1.1 percent in August, but fell short of the 1.5 percent advance analysts had forecast.
Oil prices fell after Russian Energy Minister Alexander Novak said an oil production freeze agreement was necessary to prop up prices and that he would make proposals to his Saudi Arabian counterpart this weekend.
Currently, the currency pair is trading at 1.3322 levels, it is set to advance future towards 1.3400 and later 1.3440 levels in the short term.
To the upside, the strong resistance can be seen at 1.3359, a break above will take the pair towards next resistance level at 1.3400.
To the downside, immediate support can be seen at 1.3290 levels, a break below will open the door towards next level at 1.3218.
