FxWirePro: USD/CAD outlook weaker on renewed downside pressure
The USD/CAD pair continued its decline on Tuesday as the Canadian dollar gained strength as oil extended further gains and the greenback lost further ground on signs of slower economic activity in the United States.| Oil…
The USD/CAD pair continued its decline on Tuesday as the Canadian dollar gained strength as oil extended further gains and the greenback lost further ground on signs of slower economic activity in the United States.|
Oil prices extended gains after top producers Saudi Arabia, Russia and Kuwait supported prolonging supply cuts until the end of March 2018 in an effort to drain a global glut.
Short rally around 1.3665 should be viewed as selling opportunities, as the Canadian dollar is set to strengthen further against the US dollar in intraday trading.
The immediate support can be seen at 1.3561, break below this level will expose the pair to next support level at 1.3528.
Major resistance can be seen at 1.3655, break above this level will expose it towards 1.3700 levels.
