FxWirePro: USD/CAD remains bullish as rally continues
The USD/CAD pair remained in strong bullish tone on Wednesday as buying interest continued as falling oil prices and stronger dollar across the board weighted on the Canadian dollar. Oil prices pared gains after falling …
The USD/CAD pair remained in strong bullish tone on Wednesday as buying interest continued as falling oil prices and stronger dollar across the board weighted on the Canadian dollar.
Oil prices pared gains after falling by as much as 3 percent in the previous session amid concerns that the rebalancing in the global oil market will take longer than thought.
Further, decline for this pair is expected to be limited as US dollar is set to gain further strength in the coming days on rate hike views.
To the upside, the strong resistance can be seen at 1.3254, a break above this level would take the pair towards next resistance level at 1.3300.
To the downside, strong support can be seen 1.3121, a break below this level will open the door towards next level at 1.3060.
