FxWirePro: USD/CAD maintains bullish bias with focus on 1.3800
The USD/CAD pair inched higher on Wednesday as the dollar firmed on expectations of a U.S. interest rate increase in June. The Fed is expected to hold interest rates steady as it pauses to parse more economic data, but i…
The USD/CAD pair inched higher on Wednesday as the dollar firmed on expectations of a U.S. interest rate increase in June.
The Fed is expected to hold interest rates steady as it pauses to parse more economic data, but it may hint it is on track for an increase in June.
On the data front, the pace of growth in the U.S. economy's service sector increased in April led by a jump in new orders, according to an industry report released on Wednesday.
The Institute for Supply Management (ISM) said its index of non-manufacturing activity rose to 57.5 from 55.2 the month before.
The currency pair is trading around 1.3717 levels and it is set to advance further towards 1.3750 and 1.3800 in the short term.
To the upside, the strong resistance can be seen at 1.3757, a break above will take the pair towards next resistance level at 1.3800.
To the downside immediate support can be seen at 1.3705 levels, a break below will open the door towards next level at 1.3646.
