Friday, October 16, 2026

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FxWirePro: USD/CAD resumes downside as oil prices rally, more downside expected

The USD/CAD declined sharply on Monday, falling up to 1.2900 levels in the early US session as strong advance in oil prices kept the Canadian dollar on the higher side against the dollar. The currency pair is trading at …

By Keith Miller
1 min read
EconoTimes — Reading the Times. Understanding the Future.

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  • The USD/CAD declined sharply on Monday, falling up to 1.2900 levels in the early US session as strong advance in oil prices kept the Canadian dollar on the higher side against the dollar.
     
  • The currency pair is trading at 1.2910 levels, it is expected to reach 1.2880 levels and 1.2850 levels in the short term.
     
  • The immediate support can be seen at 1.2900, break below this level will expose the pair to next support level at 1.2887.
     
  • Major resistance can be seen at 1.2951, break above this level will expose it towards 1.3000 levels.

    Resistance Levels

    R1: 1.2912 (61.8% Retracement level)    

    R2: 1.2951 (Daily high)   

    R3: 1.3000 (Psychological levels)

    Support Levels

    S1: 1.2900 (Daily lows)

    S2: 1.2887 (38.2% Retracement level)    

    S3: 1.2850 (March 31st lows)

 

 

 

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By FxWirePro Team