- The USD/CAD pair rose on Monday as Canadian dollar came under pressure from falling oil prices and dollar recovered after France’s presidential election first-round win for the market’s preferred candidate.
- Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting and qualifying for a May 7 runoff alongside far-right leader Marine Le Pen.
- Oil prices continued to decline after last week’s selloff, weighed by signs U.S. production and inventory growth were offsetting OPEC’s attempts to reduce a persisting global glut.
- Short dip around 1.3450 should be viewed as buying opportunities, as the Canadian dollar is weaker against the US dollar in intraday trading.
- Immediate support can be seen at 1.3446, break below this level will expose the pair to next support level at 1.3400.
- Immediate resistance can be seen at 1.3522, break above this level will expose the pair towards 1.3592 levels.
Resistance Levels
R1: 1.3522 (50% Retracement level)
R2: 1.3592 (38.2% Retracement level)
R3: 1.3681 (23.6% Retracement level)
Support Levels
S1: 1.3446 (61.8% Retracement level)
S2: 1.3400 (Psychological levels)
S3: 1.3340 (April 7th lows)
The material has been provided by InstaForex Company – www.instaforex.com
April 24, 2017 at 10:07PM
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