FxWirePro: USD/CAD neutral in the near-term, scope for downward resumption
The USD/CAD pair declined on Friday as oil prices rose, while softer-than-expected U.S. data weighed on the greenback. Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand …
The USD/CAD pair declined on Friday as oil prices rose, while softer-than-expected U.S. data weighed on the greenback.
Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks.
The dollar extended its earlier decline against a basket of currencies on Friday as weaker-than-forecast data on consumer prices and retail sales in June raised doubts about U.S. economic growth and whether the Federal Reserve may raise rates again in 2017.
The ongoing weakness is set to continue for this pair as the resistance level at 1.2808 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
The immediate support can be seen at 1.2689, break below this level will expose the pair to next support level at 1.2616.
Immediate resistance can be seen at 1.2748, break above this level will expose the pair towards 1.2808 levels.
