- The USD/CAD pair continued its decline on Tuesday as the Canadian dollar gained strength as oil rose and the greenback lost further ground against basket of major currencies.
- The U.S. dollar sank to a 10-month low as the latest collapse of President Donald Trump's efforts to deliver a new healthcare bill added to worries about the pace of U.S. growth.
- Prices of oil, one of Canada's major exports, rose as demand soaked up some of the surplus supplies from Organization of the Petroleum Exporting Countries and the United States.
- Currently, the currency pair is trading at 1.2612 levels, it is set to decline further towards 1.2550 and later 1.2500 levels in the short term.
- The immediate support can be seen at 1.2566, break below this level will expose the pair to next support level at 1.2515.
- Major resistance can be seen at 1.2648, break above this level will expose it towards 1.2700 levels.
Resistance Levels
R1: 1.2612 (50% Retracement level)
R2: 1.2648 (61.8% Retracement level)
R3: 1.2700 (Daily high)
Support Levels
S1: 1.2566 (38.2% Retracement level)
S2: 1.2515 (23.6% Retracement level)
S3: 1.2500 (Psychological levels)
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