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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.

    Resistance Levels

    R1: 1.3517 (38.2% Retracement level)

    R2: 1.3547 (23.6% Retracement level)

    R3: 1.3600 (Psychological levels)

    Support Levels

    S1: 1.3487 (50% Retracement level)        

    S2: 1.3457 (61.8% Retracement level)

    S3: 1.3425 (March 13th lows)

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