The USD/CAD declined modestly on Wednesday as crude oil prices recovered some ground after a recent string of declines as investors awaited upcoming crude oil inventory data that could influence oil prices, as well as an…
The USD/CAD declined modestly on Wednesday as crude oil prices recovered some ground after a recent string of declines as investors awaited upcoming crude oil inventory data that could influence oil prices, as well as an interest rate decision from the U.S. Federal Reserve.
The pair hit low at 1.3177 before recovering slightly to trade around 1.3184 levels in the early US session.
As long the pair trades above strong support located at 1.3000 levels, the ongoing bullish trend for the pair is set to continue.
The immediate support can be seen at 1.3131, break below this level will expose the pair to next support level at 1.3070.
Major resistance can be seen at 1.3242, break above this level will expose it towards 1.3275.
