- The USD/CAD pair remained in strong bullish tone on Friday as buying interest continued as Canadian domestic data showed the economy stalled in February, offsetting a rebound in oil prices.
- Gross domestic product was flat, matching the forecast by analysts. Service-providing industries advanced by 0.2 percent on strength in the real estate and rental and leasing sector, as well as the finance and insurance sector.
- Goods-producing industries declined by 0.3 percent on weaker manufacturing as well as mining, quarrying and oil and gas extraction.
- Oil prices rebounded on Friday after dropping to a one-month low the previous day, prompting investors to buy at cheaper levels ahead of a May OPEC meeting at which producers could extend output cuts.
- The ongoing upside is set to continue for this pair as the support level at 1.3559 is likely to act as strong barrier to the bears in the short term.
- To the upside, immediate resistance can be seen at 1.3656, a break above this level would take the pair towards next resistance level at 1.3700.
- To the downside, strong support can be seen 1.3612, a break below this level will open the door towards next level at 1.3559.
R1: 1.3656 (38.2% Retracement level)
R2: 1.3700 (Psychological levels)
R3: 1.3726 (23.6% Retracement level)
S1: 1.3612 (50% Retracement level)
S2: 1.3559 (61.8% Retracement level)
S3: 1.3528 (April 27th lows)
The material has been provided by InstaForex Company – www.instaforex.com
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