FxWirePro: USD/CAD remains bullish as rally continues
The USD/CAD pair remained in strong bullish tone on Monday as buying interest continued as falling oil prices and stronger dollar across the board weighted on Canadian dollar. Oil prices slid after non-OPEC producers mad…
The USD/CAD pair remained in strong bullish tone on Monday as buying interest continued as falling oil prices and stronger dollar across the board weighted on Canadian dollar.
Oil prices slid after non-OPEC producers made no specific commitment to join OPEC in limiting oil output levels to prop up prices.
Further downside is expected to be limited as the pair finds strong support at 1.3366 which should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 1.3453, a break above this level would take the pair towards next resistance level at 1.3507.
To the downside, strong support can be seen 1.3409, a break below this level will open the door towards next level at 1.3366.
