FxWirePro: USD/CAD runs out of steam but maintains bullish outlook
USD/CAD pair traded in lower range in the US session hitting as low as 1.3000. But rebounding back sharply after oil prices fell below $40 per barrel. Oil prices fell more than 1 percent, erasing early gains and pushing …
USD/CAD pair traded in lower range in the US session hitting as low as 1.3000. But rebounding back sharply after oil prices fell below $40 per barrel.
Oil prices fell more than 1 percent, erasing early gains and pushing U.S. crude back below $40 a barrel as persistent worries of a glut offset the impact of a weak dollar that initially propped the market.
As long the pair trades above strong support zone located at 1.3000 levels, bullish trend for the pair is set to continue in the short term.
To the upside, the strong resistance can be seen at 1.3143, a break above will take the pair towards next resistance level at 1.3188.
To the downside immediate support can be seen at 1.3073 levels, a break below will open the door towards next level at 1.3035.
