USD/CAD heads southwards as crude oil rallies, maintains bearish bias
USD/CAD declined on Monday, as Canadian dollar was supported by rise in oil prices as worries eased that Britons will vote to leave the European Union and offset disappointing domestic data. Canadian wholesale trade rose…
USD/CAD declined on Monday, as Canadian dollar was supported by rise in oil prices as worries eased that Britons will vote to leave the European Union and offset disappointing domestic data.
Canadian wholesale trade rose far less than expected in April, data came at 0.1 percent gain which is 0.5 percent short of economists’ expectations.
The currency pair is trading at 1.2796 levels, it is expected to reach 1.2700 levels and later 1.2675 levels in the short term.
The immediate support can be seen at 1.2773, a break below this level will expose the pair to next support level at 1.2728.
Major resistance can be seen at 1.2848, break above this level will expose it towards 1.2900 levels.
