FxWirePro:USD/CAD heads southwards as crude oil prices rebound, outlook still bearish
Canadian dollar firmed against US dollar on Thursday, after Canadian dollar gathered momentum after crude oil price rebounded more than 4 percent after data showed crude oil inventories fell 3.4 million barrels last week…
Canadian dollar firmed against US dollar on Thursday, after Canadian dollar gathered momentum after crude oil price rebounded more than 4 percent after data showed crude oil inventories fell 3.4 million barrels last week.
The outlook for oil remains bullish as the demand for the oil is set to increase in the short term.
The currency pair is trading at 1.2789 levels, it is expected to reach 1.2740 levels and later 1.2700 levels in the short term.
The immediate support can be seen at 1.2780, break below this level will expose the pair to next support level at 1.2734.
Major resistance can be seen at 1.2844, break above this level will expose it towards 1.2876 levels.
