- The USD/CAD pair declined on Thursday as oil prices rose and the greenback turned lower against a basket of major currencies.
- The U.S. dollar gave up earlier gains after a regional gauge of business conditions fell to an eight-month low and as comments by European Central Bank President Mario Draghi boosted the euro.
- Oil prices built on gains from the previous session after falling U.S. crude and oil product inventories lifted the market.
- Currently, the currency pair is trading at 1.2595 levels, it is set to decline further towards 1.2550 and later 1.2500 levels in the short term.
- The immediate support can be seen at 1.2564, break below this level will expose the pair to next support level at 1.2513.
- Major resistance can be seen at 1.2651, break above this level will expose the pair towards 1.2700 levels.
Resistance Levels
R1: 1.2606 (50% Retracement level)
R2: 1.2651 (61.8% Retracement level)
R3: 1.2700 (July 18th high)
Support Levels
S1: 1.2564 (38.2% Retracement level)
S2: 1.2513 (23.6% Retracement level)
S3: 1.2500 (Psychological levels)
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