FxWirePro: USD/CAD outlook weaker on renewed downside pressure
The USD/CAD pair declined on Tuesday as oil prices rose and stronger-than-expected domestic housing starts suggested the country's long housing boom may not yet be over. Housing starts rose to a seasonally adjusted annua…
The USD/CAD pair declined on Tuesday as oil prices rose and stronger-than-expected domestic housing starts suggested the country's long housing boom may not yet be over.
Housing starts rose to a seasonally adjusted annual rate of 207,041 units in December from an upwardly revised 187,273 units in November.
Oil prices steadied on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering.
Short raise around 1.3290 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 1.3155, break below this level will expose the pair to next support level at 1.3070.
Major resistance can be seen at 1.3295, break above this level will expose the pair towards 1.3355 levels.
