Home Analysis USD/CAD bounced a little after forming a base

USD/CAD bounced a little after forming a base

USDCAD bounced a little after forming a base - forexspacex.com

USD/CAD prices increased slightly on Tuesday morning, rising 0.21% after the dollar index strengthened against the basket of major currencies. According to financial analysts, the upside will be limited as the oil prices continue to support the Loonie in the near term. USD/CAD prices have fallen below the key support levels at 1.2700 level and 1.2600 level in the last week. Bulls are desperate ahead of the major economic data report and we may see some minor pullbacks on the upside. The short-term momentum has turned neutral for the time being on the daily chart. On the downside, initial support is located at the 1.2550 level and if the bulls fail to hold this then there are chances of a sharp decline.

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