FxWirePro: USD/CAD stronger after crude oil prices falls, outlook remains bullish
USD/CAD opened with gap in today’s Asian session and jumped towards higher levels after major oil exporters failed to agree on an output freeze, sending oil prices lower once again. The Canadian dollar has weakened again…
USD/CAD opened with gap in today’s Asian session and jumped towards higher levels after major oil exporters failed to agree on an output freeze, sending oil prices lower once again.
The Canadian dollar has weakened against dollar in the early US session, as crude oil prices declined further towards $40.80 a barrel.
The currency pair is trading at 1.2906 levels, it is expected to advance further towards 1.2950 levels and 1.3000 levels in the short term.
The immediate support can be seen at 1.2870, break below this level will expose the pair to next support level at 1.2838.
Major resistance can be seen at 1.2932, break above this level will expose it towards 1.2986 levels.
