- USD/CAD has recovered from the day’s low of 1.2979 and is currently trading at 1.2990
- Broad based USD weakness on poor data (Fri) and rise in Gold prices pushed the pair lower
- Weakness seen in WTI crude restricting gains in the CAD and capped the downside
- However further losses in Crude during the day may hurt the CAD, and pair could extend higher
- Immediate support is seen at 1.2980 (hourly 200-MA), while resistance on the flip side is located at 1.3038 (daily high)
The material has been provided by InstaForex Company – www.instaforex.com