FxWirePro: USD/CAD Stronger After Crude Oil Prices Falls, Outlook Remains Bullish
- USD/CAD opened with gap in today’s Asian session and jumped towards higher levels after major oil exporters failed to agree on an output freeze, sending oil prices lower once again.
- The Canadian dollar has weakened against dollar in the early US session, as crude oil prices declined further towards $40.80 a barrel.
- The currency pair is trading at 1.2906 levels, it is expected to advance further towards 1.2950 levels and 1.3000 levels in the short term.
- The immediate support can be seen at 1.2870, break below this level will expose the pair to next support level at 1.2838.
- Major resistance can be seen at 1.2932, break above this level will expose it towards 1.2986 levels. Resistance Levels R1: 1.2900 (38.2% Retracement level) R2: 1.2932 (23.6% Retracement level) R3: 1.2986 (Daily high) Support Levels S1: 1.2870 (50% Retracement level) S2: 1.2838 (61.8% Retracement level) S3: 1.2811 (Daily lows)
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