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FxWirePro: USD/CAD pauses decline, downside risk remains

  • The USD/CAD pair declined on Tuesday as the Canadian dollar gained strength as oil rose and the greenback lost some ground amid political and economic uncertainty in the United States.
     
  • Investors assessed President Donald Trump's first major policy stumble, while awaiting comments from several Federal Reserve policymakers including Fed Chair Janet Yellen.
     
  • Oil prices rose on Tuesday as supply disruption in Libya and the latest comments from officials suggesting OPEC could extend its deal cutting global production.
     
  • The ongoing weakness is set to continue for this pair as the resistance level at 1.3453 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
     
  • The immediate support can be seen at 1.3361, break below this level will expose the pair to next support level at 1.3000.
     
  • Immediate resistance can be seen at 1.3407, break above this level will expose it towards 1.3453 levels.

    Resistance Levels

    R1: 1.3407 (50% Retracement level)

    R2: 1.3453 (61.8% Retracement level)    

    R3: 1.3500 (Psychological levels)

    Support Levels

    ​S1: 1.3361 (38.2% Retracement level)    

    S2: 1.3000 (23.6% Retracement level)    

    S3: 1.3264 (March 21st lows)
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