FxWirePro: USD/CAD resumes downside after failing to break above 1.3121 levels
The USD/CAD declined on Monday as the Canadian dollar was helped by higher oil prices and slight weakness in dollar. Greenback edged lower ahead of U.S. President Donald Trump's speech this week, where he is expected to …
The USD/CAD declined on Monday as the Canadian dollar was helped by higher oil prices and slight weakness in dollar.
Greenback edged lower ahead of U.S. President Donald Trump's speech this week, where he is expected to unveil clues on tax reform.
Oil prices rose as investors showed record confidence in prices rising further, though gains were capped by the prospect of faster growth in U.S. oil production.
The currency pair is trading at 1.3100 levels, it is expected to reach 1.3050 levels and later towards 1.3000 levels in the short term.
The immediate support can be seen at 1.3083, break below this level will expose the pair to next support level at 1.3030.
Major resistance can be seen at 1.3157, break above this level will expose the pair towards 1.3210 levels.
