FxWirePro: USD/CAD regains upwards momentum as oil price slumps to 7-month low
The USD/CAD pair inched higher in the US session on Tuesday as a drop in oil prices and stronger dollar across the board pressured the Canadian dollar. Prices of oil, one of Canada's major exports, fell to seven-month lo…
The USD/CAD pair inched higher in the US session on Tuesday as a drop in oil prices and stronger dollar across the board pressured the Canadian dollar.
Prices of oil, one of Canada's major exports, fell to seven-month lows on news of boosted supply by several key producers. U.S. crude prices shed 2.56 percent to $43.07 a barrel.
The U.S. dollar reached a three-week high against a basket of major currencies, boosted by comments from the U.S. Federal Reserve bolstering expectations that it would keep raising interest rates.
The currency pair is trading around 1.3278 levels and it is set to advance further towards 1.3320 and 1.3350 levels in the short term.
To the upside, immediate resistance can be seen at 1.3280, a break above will take the pair towards next resistance level at 1.3300.
To the downside strong support can be seen at 1.3208 levels, a break below will open the door towards next level at 1.3159.
