FxWirePro: USD/CAD regains upwards momentum, critical resistance at lies ahead
The USD/CAD pair rose sharply on Tuesday as oil prices declined, with the currency pair pulling back from 10-month low reached in the early Asian session. Stronger dollar and lower oil prices and sell off in stocks weigh…
The USD/CAD pair rose sharply on Tuesday as oil prices declined, with the currency pair pulling back from 10-month low reached in the early Asian session.
Stronger dollar and lower oil prices and sell off in stocks weighted on risk sensitive commodity currency.
The pair hit low at 1.2455 before rebounding sharply to trade around 1.2705 levels in the afternoon US session.
Short dip around 1.2631 should be taken as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
The immediate support can be seen at 1.2687, break below this level will expose the pair to next support level at 1.2631.
Major resistance can be seen at 1.2737, break above this level will expose the pair towards 1.2803 levels.
