FxWirePro: USD/CAD heads upwards as crude oil prices hovers around 12 year low

Canadian dollar has continued to decline against US dollar on Thursday, after crude oil prices once again slipped fell  $ 30 a barrel. The outlooks for crude remains bearish as the demand are slowing and there is over supply of crude in the market. Earlier in the day oil prices rose, but remained near 12 year low on the prospect of Iran supplying more oil in already oversupplied market.

• The intraday trend remains bullish for the pair as the oil-correlated Canadian dollar is set to come under more pressure from strengthening dollar in the short term.
   
• The currency pair is trading at 1.4368 levels, it is expected to reach 1.4450 levels and later 1.4500 levels in the short term.
   
•  The immediate support can be seen at 1.3350, break below this level will expose the pair to next support level at 1.3305.
   
• Major resistance can be seen at 1.4448, break above this level will expose it towards 1.4500 levels.
  
  Recommendation: Go long around 1.4360 with targets at 1. 1.4450, 1.4500 SL 1.4300.
  
  Resistance Levels
  
  R1: 1.4396 (38.2% Retracement level)
  
  R2: 1.4448 (23.6% Retracement level)
  
  R3: 1.4500 (Psychological levels)
  
  Support Levels
  
  S1: 1.3350 (50% Retracement level)
  
  S2: 1.3305 (61.8% Retracement level)
  
  S3: 1.3245 (Jan12th lows)