FxWirePro: USD/CAD weaker after crude oil prices rally, outlook remains bearish
The USD/CAD pair declined in the US session on Monday as oil rose prices jumped towards $44per barrel and negative US new home sales weighted on the currency pair. Oil prices edged up extending recent gains building on t…
The USD/CAD pair declined in the US session on Monday as oil rose prices jumped towards $44per barrel and negative US new home sales weighted on the currency pair.
Oil prices edged up extending recent gains building on three weeks higher prices and reversed earlier losses as traders booked profits.
The currency pair is trading around 1.2846 levels and it is set to decline towards 1.2800 and 1.2750 in the short term.
To the upside, the strong resistance can be seen at 1.2732, a break above will take the pair towards next resistance level at 1.2780.
To the downside immediate support can be seen at 1.2640 levels, a break below will open the door towards next level at 1.2593.
