FxWirePro: USD/CAD reverses recent rally, bias back to downside
The USD/CAD pair declined in the US session hitting as low as 1.2829 after oil rose prices jumped towards $43.80 per barrel and US inflation figures fell in March. Oil prices rose slightly on Thursday in choppy trading a…
The USD/CAD pair declined in the US session hitting as low as 1.2829 after oil rose prices jumped towards $43.80 per barrel and US inflation figures fell in March.
Oil prices rose slightly on Thursday in choppy trading as market processed as skepticism that an upcoming meeting of major oil producers would do much to tighten the supply and demand balance.
The currency pair is trading around 1.2846 levels and it is set to decline towards 1.2800 and 1.2750 in the short term.
To the upside, the strong resistance can be seen at 1.2895, a break above will take the pair towards next resistance level at 1.2951.
To the downside immediate support can be seen at 1.2820 levels, a break below will open the door towards next level at 1.2777.
