FxWirePro: USDCAD hits fresh 12-year high, scope for further upside
USD/CAD pair has begun the week advancing higher from Fridays close to hit high around 1.34600 levels after oil prices declined to their lowest since 2003 to hit low at $28.2 per barrel on market expectations that a jump…
USD/CAD pair has begun the week advancing higher from Fridays close to hit high around 1.34600 levels after oil prices declined to their lowest since 2003 to hit low at $28.2 per barrel on market expectations that a jump in Iranian exports would exacerbate a global supply.
The ongoing upside is set to continue as the pair has broken strong resistance level at 1.3500 levels.
Any decline is expected to be limited around 1.3480 as the support level at 1.4471 is set to hold the bears from falling further below, it's good to buy this pair on dips.
To the upside, the strong resistance can be seen at 1.4600, a break above this level would take the pair towards next resistance level at 1.4666.
To the downside immediate support can be seen 1.4471, a break below this level will open the door towards next level at 1.4450 handle.
Recommendation: Go long around 1.4480, targets 1.4550 1.4600, SL 1.4400
