FxWirePro: USD/CAD Heads Southwards As Crude Oil Prices Rebound, Outlook 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.
- 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 1.2800 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. Resistance Levels R1: 1.2844 (38.2% Retracement level) R2: 1.2876 (Daily high) R3: 1.2911 (23.6% Retracement level) Support Levels S1: 1.2780 (50% Retracement level) S2: 1.2734 (61.8% Retracement level) S3: 1.2700 (Psychological level)