FxWirePro: USD/CAD runs out of steam but maintains bullish outlook
The USD/CAD pair pared gains on Friday after data showed U.S. employers added fewer workers in September but other aspects of the jobs report suggested further improvement in the labor market. Oil prices were little chan…
The USD/CAD pair pared gains on Friday after data showed U.S. employers added fewer workers in September but other aspects of the jobs report suggested further improvement in the labor market.
Oil prices were little changed on Friday supported by the prospect of a crude production cut by OPEC countries even though doubts lingered over the cartel's ability to wipe out a persistent excess of oil.
The pair remains strong, as the Canadian dollar is set to weaken further ground against dollar in the short term.
To the upside, the strong resistance can be seen at 1.3294, a break above will take the pair towards next resistance level at 1.3362.
To the downside immediate support can be seen at 1.3208 levels, a break below will open the door towards next level at 1.3181.
