FxWirePro: USD/CAD outlook weaker on renewed downside pressure
The USD/CAD pair declined in the US session on Monday as oil prices rose and upbeat Canadian economic data supported commodity related Canadian dollar. The seasonally adjusted annual rate of housing starts rose to 253,72…
The USD/CAD pair declined in the US session on Monday as oil prices rose and upbeat Canadian economic data supported commodity related Canadian dollar.
The seasonally adjusted annual rate of housing starts rose to 253,720 units in March, topping economists' forecasts for 215,000. February was revised slightly higher to 214,253 units.
U.S. crude prices were up 1.15 percent at $52.84 a barrel, supported by a renewed shutdown at Libya's largest oilfield and heightened tension over Syria following the U.S. missile strike.
The currency pair is trading around 1.3347 levels and it is set to decline further towards 1.3300 and 1.3280 in the short term.
To the upside, the strong resistance can be seen at 1.3380, a break above will take the pair towards next resistance level at 1.3415.
To the downside immediate support can be seen at 1.3335 levels, a break below will open the door towards next level at 1.3300.
