FxWirePro: USD/CAD neutral in the near-term, scope for downward resumption
USD/CAD declined on Thursday as commodity-linked Canadian dollar gained strength after the Organization of the Petroleum Exporting Countries agreed to limit crude output at its policy meeting in November. The Organizatio…
USD/CAD declined on Thursday as commodity-linked Canadian dollar gained strength after the Organization of the Petroleum Exporting Countries agreed to limit crude output at its policy meeting in November.
The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd.
Currently, the currency pair is trading at 1.3090 levels, it is set to decline towards 1.3000 and later 1.2950 levels in the short term.
To the upside, the strong resistance can be seen at 1.3155, a break above will take the pair towards next resistance level at 1.3200.
To the downside, immediate support can be seen at 1.3042 levels, a break below will open the door towards next level at 1.2967.
