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2017.04.2110:26:00UTC+00Fxwirepro: Usd/cad Maintains Bullish Bias With Focus on 1.3600 Level
The USD/CAD pair rose on Friday as Canadian dollar was weighed down by lower oil prices and cooler-than-expected domestic inflation data.
The annual rate fell to 1.6 percent from the previous month's 2.0 percent, exceeding economists' forecasts for a decline to 1.8 percent. The three measures of core inflation put in place by the Bank of Canada last year remained tame.
Oil held near $53 a barrel on Friday but was on course for its biggest weekly drop in a month due to doubts that an OPEC-led production cut will restore balance to an oversupplied market.
The pair remains under bulls control unless until it trades above 1.3457 support level, therefore it is good to buy this pair on dips.
The immediate support can be seen at 1.3487, break below this level will expose the pair to next support level at 1.3457.
Major resistance can be seen at 1.3547, break above this level will expose the pair towards 1.3600 levels.