FxWirePro: USD/CAD remains bullish as rally continues
The USD/CAD pair rose on Wednesday as crude oil prices declined further and Canadian economic data showed a deep contraction in the country’s economy for the second quarter. Canada's economy shrank at an annualized 1.6 p…
The USD/CAD pair rose on Wednesday as crude oil prices declined further and Canadian economic data showed a deep contraction in the country’s economy for the second quarter.
Canada's economy shrank at an annualized 1.6 percent rate in the second quarter in its worst showing in seven years, hurt by a drop in exports and a disruption to oil production.
The currency pair is trading at 1.3116 levels, it is expected to reach 1.3150 levels and 1.3200 levels in the short term.
The immediate support can be seen at 1.3103, break below this level will expose the pair to next support level at 1.3057.
Major resistance can be seen at 1.3200, break above this level will expose it towards 1.3254 levels.
