The USD/CAD pair continued its decline on Thursday as the Canadian dollar gained strength as oil rose and the greenback lost further ground since the Federal Reserve interest rate decision a day ago. The Fed held rates s…
The USD/CAD pair continued its decline on Thursday as the Canadian dollar gained strength as oil rose and the greenback lost further ground since the Federal Reserve interest rate decision a day ago.
The Fed held rates steady on Wednesday in its first meeting since the election of U.S. President Donald Trump, whose promises to cut taxes and raise spending have stoked bets on inflationary pressures.
U.S. crude prices were up 0.48 percent at $54.14 a barrel as evidence that OPEC and other big exporters were cutting production more than offset a sharp rise in U.S. crude.
Short raise around 1.3050 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 1.2964, break below this level will expose the pair to next support level at 1.2908.
Major resistance can be seen at 1.3050, break above this level will expose it towards 1.3100 levels.
