Fxwirepro: Usd/cad Remains Bullish As Rally Continues

  • 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.

    Resistance Levels

    R1: 1.3656 (38.2% Retracement level)                      

    R2: 1.3700 (Psychological levels)

    R3: 1.3726 (23.6% Retracement level)

    Support Levels

    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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