FxWirePro: USD/CAD resumes downside as oil prices rally, more downside expected
The USD/CAD inched down on Friday, falling up to 1.2500 levels in the early US session as strong advance in crude oil prices and positive Canadian GDP data kept the Canadian dollar on the higher side against the dollar. …
The USD/CAD inched down on Friday, falling up to 1.2500 levels in the early US session as strong advance in crude oil prices and positive Canadian GDP data kept the Canadian dollar on the higher side against the dollar.
Canadian GDP for February came at -0.1 percent, in line with the expectation, spurring limited demand for CAD.
The currency pair is trading at 1.2520 levels, it is expected to reach 1.2480 levels and 1.2440 levels in the short term.
The immediate support can be seen at 1.2500, break below this level will expose the pair to next support level at 1.2437.
Major resistance can be seen at 1.2598, break above this level will expose it towards 1.2662 levels.
