FxWirePro: USD/CAD runs out of steam but, upside bias remains
Canadian dollar firmed against broadly stronger dollar on Tuesday as higher oil prices helped Canadian dollar reduce some losses against green back. However, the ongoing bullish trend is set to continue for this pair as …
Canadian dollar firmed against broadly stronger dollar on Tuesday as higher oil prices helped Canadian dollar reduce some losses against green back.
However, the ongoing bullish trend is set to continue for this pair as the support level at 1.3036 is likely to act as strong barrier to the bears and bring a rebound towards higher levels.
Currently the currency pair is trading at 1.3155 levels, it is set to advance future towards 1.3200 and later 1.3250 levels in the short term.
To the upside, the strong resistance can be seen at 1.3192, a break above will take the pair towards next resistance level at 1.3221.
To the downside immediate support can be seen at 1.3114 levels, a break below will open the door towards next level at 1.3083.
