Hello traders,
The USDCAD is at a greater disadvantage as crude oil represents Canada's largest export income and the geopolitical tension in Libya and Iran, together with the US prohibition on sixteen Saudi Arabians. 1.3285 could, however, limit the immediate declines of the pair, unless the support of 1,3220-15 is noted. In the event of daily closing prices decreasing below 1,3215, 13190 can serve as a validation to support 1,3120. Otherwise, recent rises of around 1,3400 could confine the pair upside to a slender trend line of about five weeks.
The USDCAD is at a greater disadvantage as crude oil represents Canada's largest export income and the geopolitical tension in Libya and Iran, together with the US prohibition on sixteen Saudi Arabians. 1.3285 could, however, limit the immediate declines of the pair, unless the support of 1,3220-15 is noted. In the event of daily closing prices decreasing below 1,3215, 13190 can serve as a validation to support 1,3120. Otherwise, recent rises of around 1,3400 could confine the pair upside to a slender trend line of about five weeks.
