FxWirePro: USD/CAD strengthens as oil prices rally, scope for further downside
The USD/CAD pair slipped lower on Monday as crude oil prices rose and risk appetite firmed. The pair hit low at 1.3658 before recovering to trade around 1.3683 levels in the late US session. As long the pair trades below…
The USD/CAD pair slipped lower on Monday as crude oil prices rose and risk appetite firmed. The pair hit low at 1.3658 before recovering to trade around 1.3683 levels in the late US session.
As long the pair trades below strong resistance located at 1.3845 levels, the ongoing bearish trend for the pair is set to continue. Therefore it is good to sell this pair on rallies.
The currency pair is trading around 1.3683 levels, it is expected to reach 1.3650 levels and 1.3600 levels in the short term.
The immediate support can be seen at 1.3635, break below this level will expose the pair to next support level at 1.3600.
Major resistance can be seen at 1.3790, break above this level will expose it towards 1.3930 and beyond.
Recommendation: Go short around 1.3740 with targets at 1.3650, 1.3600 SL 1.3800.
