FxWirePro: USD/CAD neutral in the near-term, scope for downward resumption
The USD/CAD pair declined on Friday as prices of oil, one of Canada's major exports, stabilized after a sharp drop the day before. Oil prices had plunged on Thursday following an Organization of the Petroleum Exporting C…
The USD/CAD pair declined on Friday as prices of oil, one of Canada's major exports, stabilized after a sharp drop the day before.
Oil prices had plunged on Thursday following an Organization of the Petroleum Exporting Countries-led decision to extend current production curbs that investors gauged did not go far enough to reduce a global supply glut.
Short rally around 1.3490 should be viewed as selling opportunities, as the Canadian dollar is stronger against the US dollar in intraday trading.
The immediate support can be seen at 1.3396, break below this level will expose the pair to next support level at 1.3349.
Major resistance can be seen at 1.3500, break above this level will expose the pair towards 1.3546 levels.
