FxWirePro: USD/CAD maintains bullish bias with focus on 1.3800
The USD/CAD pair rose on Tuesday as oil prices fell and investors braced for an interest rate decision midweek from the U.S. Federal Reserve. Investors do not expect the U.S. central bank to raise rates this week. But in…
The USD/CAD pair rose on Tuesday as oil prices fell and investors braced for an interest rate decision midweek from the U.S. Federal Reserve.
Investors do not expect the U.S. central bank to raise rates this week. But interest rate futures are pricing a roughly 70 percent chance that the Fed will hike in June, according to the CME's FedWatch.
Oil prices rose on news of lower production by Russia and OPEC, and expectations that major exporters would extend output cuts into the second half of the year.
Currently, the currency pair is trading at 1.3704 levels, it is set to advance further towards 1.3750 and later 1.3800 levels in the short term.
The immediate support can be seen at 1.3687, break below this level will expose the pair to next support level at 1.3646.
Major resistance can be seen at 1.3785, break above this level will expose the pair towards 1.3800 levels.
