FxWirePro: USD/CAD maintains bullish outlook with focus on 1.4000 levels
The USD/CAD pair continued to gain from its Friday's close, as the Canadian dollar lost further ground against US dollar on Monday. Crude oil prices started the week with a negative note, with Brent slipping to $ 30.42 a…
The USD/CAD pair continued to gain from its Friday's close, as the Canadian dollar lost further ground against US dollar on Monday. Crude oil prices started the week with a negative note, with Brent slipping to $ 30.42 a barrel, after no outcome came out of Saudi -Venezuela meeting to boost oil prices.
The currency pair is trading around 1.3953 levels, it is expected to reach 1.4000 levels and 1.4150 levels in the short term.
The immediate support can be seen at 1.3943, break below this level will expose the pair to next support level at 1.3780.
Major resistance can be seen at 1.4060, break above this level will expose it towards 1.4130 and beyond.
Recommendation: Go long around 1.3900 with targets at 1.4060, 1.4120 SL 1.3850
