FxWirePro: USD/CAD stuck in range but maintains bearish bias
The USD/CAD pair inched higher on Tuesday as Canadian dollar was pressured by lower oil prices and investors braced for key events later in the week. Prices of oil, one of Canada's major exports, retreated on concerns th…
The USD/CAD pair inched higher on Tuesday as Canadian dollar was pressured by lower oil prices and investors braced for key events later in the week.
Prices of oil, one of Canada's major exports, retreated on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by the Organization of the Petroleum Exporting Countries to tighten the market.
The Bank of Canada on Thursday will release its review of developments in the financial system, followed by a news conference with Governor Stephen Poloz.
The Canadian dollar was trading down at 0.1 percent at C$1.3475 to the greenback.
The pair remains under bears control unless until it trades below 1.3550 resistance level, therefore it is good to sell this pair on rallies.
The immediate support can be seen at 1.3446, break below this level will expose the pair to next support level at 1.3400.
Major resistance can be seen at 1.3550, break above this level will expose the pair towards 1.3611 levels.
