FxWirePro: USD/CAD remains bullish as rally continues
The USD/CAD pair remained in bullish tone on Wednesday as oil co-related Canadian dollar was weighted down by declining oil prices as investors doubted that OPEC would cut production enough to drain a global glut. The U.…
The USD/CAD pair remained in bullish tone on Wednesday as oil co-related Canadian dollar was weighted down by declining oil prices as investors doubted that OPEC would cut production enough to drain a global glut.
The U.S. government reported a drawdown in domestic crude stocks that extended a trend of unexpected inventory declines this autumn. Although prices bounced off session lows, oil prices declined on growing doubts that OPEC would cut production enough to drain a global glut.
The ongoing upside is set to continue for this pair as the support level at 1.3283 is likely to act as strong barrier to the bears and push the pair further upwards.
To the upside, the strong resistance can be seen at 1.3400, a break above this level would take the pair towards next resistance level at 1.3465.
To the downside, strong support can be seen 1.3341, a break below this level will open the door towards next level at 1.3283.
