USD CAD Expanding its recovery
11/30/2016 8:49:15 AM
The USD expands its positive momentum against CAD for the 2nd straight session this Wednesday, now pushing USD/CAD to the mid-point of 1.3405 handle.
Currently, the USD/CAD pair is last seen exchanging hands at 1.3445, up +0.10% up to now, expanding its overnight recovery from 1.3417 area. The new solidity in the major is largely ascribed to continuation of post-GDP rally in the USD against its main competitors, as markets desire to hold the reserve currency among hesitation surrounding oil markets, with all eyes now focused on the much-awaited OPEC output cut decision due later tonight.
To the upside, the next persistence are seen near 1.3470 and 1.3510 and from there to1.3566. To the downside, immediate support might be placed at 1.3421 and below that at 1.3405 and at 1.3350.
Written by FxErvin