The USD/CAD pair continued its decline on Wednesday, as the Canadian dollar gained strength as the prices of oil gained further ground. The pair recovered up to 1.2730 levels in the Asian session, but fell back as reboun…
The USD/CAD pair continued its decline on Wednesday, as the Canadian dollar gained strength as the prices of oil gained further ground.
The pair recovered up to 1.2730 levels in the Asian session, but fell back as rebound in oil prices towards 42$ per barrel strengthened Canadian dollar further against the greenback.
The pair remains weak, as the Canadian dollar is set to gain further against dollar in the short term.
The currency pair is trading at 1.2663 levels, it is expected to reach 1.2600 levels and 1.2550 levels in the short term.
The immediate support can be seen at 1.2632, break below this level will expose the pair to next support level at 1.2546.
Major resistance can be seen at 1.2783, break above this level will expose it towards 1.2800 levels.
