FxWirePro: USD/CAD maintains bullish bias with focus on 1.3500
The USD/CAD pair rose on Monday as oil dipped and expectations for further U.S. Federal Reserve interest rate hikes boosted greenback. The price of oil, one of Canada's major exports, edged down due to renewed gains for …
The USD/CAD pair rose on Monday as oil dipped and expectations for further U.S. Federal Reserve interest rate hikes boosted greenback.
The price of oil, one of Canada's major exports, edged down due to renewed gains for the U.S. dollar, but losses were tempered by delays in new Libyan oil exports and expectations of tighter supplies going into 2017.
Short dip around 1.3340 should be viewed as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
The immediate support can be seen at 1.3336, break below this level will expose the pair to next support level at 1.3300.
Major resistance can be seen at 1.3473, break above this level will expose the pair towards 1.3500 levels.
