FxWirePro: USD/CAD runs out of steam but maintains bullish outlook
USD/CAD pair in the early US session has paused to trade around 1.3185 levels, having inched higher during the previous European session. The pair is trading a few pips below its daily high, maintaining its overall bulli…
USD/CAD pair in the early US session has paused to trade around 1.3185 levels, having inched higher during the previous European session. The pair is trading a few pips below its daily high, maintaining its overall bullish tone intact.
Oil prices edged up slightly on Thursday after two consecutive days of losses, with gains capped by returning supplies from Nigeria and Libya.
Further, decline for this pair is expected to be limited as US dollar is set to gain further strength in the coming days on rate hike views.
To the upside, the strong resistance can be seen at 1.3254, a break above this level would take the pair towards next resistance level at 1.3300.
To the downside, strong support can be seen 1.3121, a break below this level will open the door towards next level at 1.3060.
