FxWirePro: USD/CAD resumes downside after failing to break 1.3300 levels
The USD/CAD pair declined in the US session on Friday as oil prices recovered, while dollar dipped after weaker-than-expected U.S. housing data fueled doubts that whether the Federal Reserve will be able to raise interes…
The USD/CAD pair declined in the US session on Friday as oil prices recovered, while dollar dipped after weaker-than-expected U.S. housing data fueled doubts that whether the Federal Reserve will be able to raise interest rates again this year.
Prices of oil, one of Canada's major exports, edged up from 2017 lows but remained on track for a fourth consecutive week of losses because of excess supplies.
The ongoing weakness is set to continue for this pair as the resistance level at 1.3378 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the strong resistance can be seen at 1.3300, a break above will take the pair towards next resistance level at 1.3378.
To the downside immediate support can be seen at 1.3222 levels, a break below will open the door towards next level at 1.3160.
