FxWirePro: USD/CAD runs out of steam but maintains bullish outlook
The USD/CAD pair inched higher on Monday as a slump in Canadian domestic jobs and a record-wide trade deficit on Friday weighted on the Canadian dollar despite rise in oil prices. Oil rose after a report of renewed calls…
The USD/CAD pair inched higher on Monday as a slump in Canadian domestic jobs and a record-wide trade deficit on Friday weighted on the Canadian dollar despite rise in oil prices.
Oil rose after a report of renewed calls by some OPEC members to restrain output. U.S. crude prices were up 1.84 percent at $42.57 a barrel.
The currency pair is trading around 1.3164 levels, it is expected to reach 1.3200 levels and 1.3250 levels in the short term.
The immediate support can be seen at 1.3136, a break below this level will expose the pair to next support level at 1.3100.
Major resistance can be seen at 1.3252, break above this level will expose it towards 1.3300 levels.
