FxWirePro:USD/CAD weakens to hit 6-months low as oil rallies
The USD/CAD pair has declined sharply to hit six month low at 1.2791 in the American session, as the pair was weighted down by a strong rally in oil prices after a report appeared that top oil producers Russia and Saudi …
The USD/CAD pair has declined sharply to hit six month low at 1.2791 in the American session, as the pair was weighted down by a strong rally in oil prices after a report appeared that top oil producers Russia and Saudi Arabia have agreed to freeze output.
BoC meets on Wednesday to decide monetary policy. The central bank is expected The central bank is expected to keep policy rate unchanged at 0.50%.
The currency pair is trading at 1.2800 levels, it is expected to reach 1.2780 levels and 1.2750 levels in the short term.
The immediate support can be seen at 1.2770, break below this level will expose the pair to next support level at 1.2705.
Major resistance can be seen at 1.2870, break above this level will expose it towards 1.2920 levels.
