FxWirePro: USD/CAD runs out of steam but maintains bullish outlook
USD/CAD pair in the early US session has declined to trade around 1.3162 levels, having inched higher during the previous European session. The pair is trading a slightly below its daily high, maintaining its overall bul…
USD/CAD pair in the early US session has declined to trade around 1.3162 levels, having inched higher during the previous European session. The pair is trading a slightly below its daily high, maintaining its overall bullish tone intact.
Oil rallied on Monday as the world's largest producers gathered in Algeria to discuss ways to support the market, with nervous trade driving volatility to its highest since exporters met in April.
Further, decline for this pair is expected to be limited as support level at 1.3063 is likely to hold the bears from falling further below.
To the upside, the strong resistance can be seen at 1.3204, a break above this level would take the pair towards next resistance level at 1.3243.
To the downside, immediate support can be seen 1.3133, a break below this level will open the door towards next level at 1.3102.
