USD/CAD: Canadian dollar advances with Oil

By FXStreet FXStreet (Mumbai) – The USD/CAD pair keeps losses during the European session, as the Canadian dollar remains boosted on the back of rebounding oil prices, while traders eye US data flow due to be reported ahead of US open.

USD/CAD awaits fresh incentives

Currently, the USD/CAD pair trades -0.15% lower at 1.3244, miring near session lows reached at 1.3238. The USD/CAD pair extends its side-trend into a fifth-day on Tuesday, as markets remain cautious ahead of Thursday’s Fed rate decision, which is likely to have major impact on the US dollar.

Meanwhile, the loonie appears to have found support from the recovery seen in the oil prices, with the US oil gaining over 1% ahead of the API crude stockpiles report.

Markets now turn focus towards the New York session as a flurry of US macro data including the critical retail sales and industrial production data are likely to dominate.

USD/CAD Technical Levels

To the upside, the next resistance is located at 1.3282 (Sept 14 High) levels and above which it could extend gains to 1.3307 (Aug 27 High). To the downside, immediate support might be located at 1.3163 (Aug 28 Low) levels and below that at 1.3133 (Sept 3 Low).
For more information, …read more

Source:: FX Street