FxWirePro: USD/CAD rises to 2-week highs, maintains bullish bias
USD/CAD pair rose on Wednesday as Canadian dollar was weighted down by falling crude oil prices and disappointing domestic trade data. The intraday trend remains bullish for the pair as the oil co-related Canadian dollar…
USD/CAD pair rose on Wednesday as Canadian dollar was weighted down by falling crude oil prices and disappointing domestic trade data.
The intraday trend remains bullish for the pair as the oil co-related Canadian dollar has shown weakness against US dollar lately as the oil prices slipped towards 44$ per barrel as excess supply continued to weigh on the commodity.
The currency pair is trading at 1.2881 levels, it is expected to reach 1.2930 and later towards 1.2960 levels in the short term.
The immediate support can be seen at 1.2881, break below this level will expose the pair to next support level at 1.2805.
Major resistance can be seen at 1.2938, break above this level will expose it towards 1.2990 levels.
