FxWirePro: USD/CAD outlook weaker on renewed downside pressure
The USD/CAD pair declined on Monday as Canadian dollar was boosted by upbeat domestic economic data and higher oil prices while, greenback struggled to shrug political uncertainty. Canada wholesale trade rose more than e…
The USD/CAD pair declined on Monday as Canadian dollar was boosted by upbeat domestic economic data and higher oil prices while, greenback struggled to shrug political uncertainty.
Canada wholesale trade rose more than expected in May, driven by increased sales of motor vehicles and agricultural supplies, data from Statistics Canada showed on Monday.
Prices for oil, a major Canadian export, rallied after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand.
The ongoing weakness is set to continue for this pair as the resistance level at 1.2594 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 1.2482, break below this level will expose the pair to next support level at 1.2413.
Major resistance can be seen at 1.2594, break above this level will expose the pair towards 1.2638 levels.
