The USD/CAD pair dipped on Friday as higher oil prices and weaker dollar across the board boosted oil co-related Canadian dollar. The dollar weakened this week on news that the U.S. Department of Justice will investigate…
The USD/CAD pair dipped on Friday as higher oil prices and weaker dollar across the board boosted oil co-related Canadian dollar.
The dollar weakened this week on news that the U.S. Department of Justice will investigate whether Russian interfered with the U.S. election and whether there was collusion between the Trump campaign and Moscow.
Oil prices were heading for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0631 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
Immediate support can be seen at 1.3532, break below this level will expose the pair to next support level at 1.3456.
Strong resistance can be seen at 1.3631, break above this level will expose the pair towards 1.3700 levels.
