FxWirePro: USD/CAD runs out of steam but maintains bullish outlook
The USD/CAD pair declined slightly on Wednesday as higher oil prices supported commodity related Canadian dollar. Oil prices edged up for a fourth consecutive session on Wednesday, close to their peaks since mid-2015, wi…
The USD/CAD pair declined slightly on Wednesday as higher oil prices supported commodity related Canadian dollar.
Oil prices edged up for a fourth consecutive session on Wednesday, close to their peaks since mid-2015, with the market awaiting evidence of OPEC supply reductions in the New Year.
Further, decline for this pair is expected to be limited as support level 1.3474 at is set to hold the bears from falling further below and bring rebound back to higher side.
To the upside, the strong resistance can be seen at 1.3607, a break above this level would take the pair towards next resistance level at 1.3694.
To the downside, immediate support can be seen 1.3541, a break below this level will open the door towards next level at 1.3474.
