Fxwirepro: Usd/cad Outlook Weaker on renewed Downside Pressure

  • The USD/CAD pair declined in the US session on Monday as oil prices rose and upbeat Canadian economic data supported commodity related Canadian dollar.
     
  • The seasonally adjusted annual rate of housing starts rose to 253,720 units in March, topping economists' forecasts for 215,000. February was revised slightly higher to 214,253 units.
     
  • U.S. crude prices were up 1.15 percent at $52.84 a barrel, supported by a renewed shutdown at Libya's largest oilfield and heightened tension over Syria following the U.S. missile strike.
     
  • The currency pair is trading around 1.3347 levels and it is set to decline further towards 1.3300 and 1.3280 in the short term.
     
  • To the upside, the strong resistance can be seen at 1.3380, a break above will take the pair towards next resistance level at 1.3415.
     
  • To the downside immediate support can be seen at 1.3335 levels, a break below will open the door towards next level at 1.3300.

    Resistance Levels

    R1: 1.3357 (50% Retracement level)

    R2: 1.3380 (61.8% Retracement level)

    R3: 1.3415 (March 28th high)

    Support Levels

    S1: 1.3335 (38.2% Retracement level)

    S2: 1.3300 (23.6% Retracement level)

    S3: 1.3275 (March 3rd lows)

The material has been provided by InstaForex Company – www.instaforex.com

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