The USD/CAD pair continued its decline on Wednesday, as the Canadian dollar gained strength as the prices of oil gained further ground. A weaker U.S. dollar added to gains for the loonie. The greenback hit a one-month tr…
The USD/CAD pair continued its decline on Wednesday, as the Canadian dollar gained strength as the prices of oil gained further ground.
A weaker U.S. dollar added to gains for the loonie. The greenback hit a one-month trough against a basket of major currencies, hurt by waning expectations that the Federal Reserve will raise interest rates anytime soon.
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 1.2712 levels, it is expected to reach 1.2660 levels and 1.2600 levels in the short term.
The immediate support can be seen at 1.2657, break below this level will expose the pair to next support level at 1.2622.
Major resistance can be seen at 1.2780, break above this level will expose it towards 1.2840 levels.
