FxWirePro: USD/CAD rises to hit one week high as oil prices decline, upside bias remains
The USD/CAD pair rose sharply to hit one-week high on Wednesday as the loonie was weighted down by falling oil prices and the International Monetary Fund cut Canada’s global growth forecasts. Oil prices fell sharply as a…
The USD/CAD pair rose sharply to hit one-week high on Wednesday as the loonie was weighted down by falling oil prices and the International Monetary Fund cut Canada’s global growth forecasts.
Oil prices fell sharply as a rallying dollar and a global fuel glut offset forecasts for lower U.S. crude stockpiles.
The currency pair is trading at 1.3087, levels, it is expected to reach 1.3150 levels and 1.3200 levels in the short term.
The immediate support can be seen at 1.3053, break below this level will expose the pair to next support level at 1.3000.
Major resistance can be seen at 1.3108, break above this level will expose it towards 1.3140 levels.
