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2016.06.1609:01:00UTC+00Fxwirepro: Usd/cad Remains Bullish As Oil falls on Brexit Risk

  • The USD/CAD pair continued its advance on Thursday, as the Canadian dollar weakened as the prices of oil lost further ground.
     
  • Oil fell for the sixth straight session on mounting concerns about Britain's possible exit from the European Union.
     
  • The pair remains strong, as the Canadian dollar is set to lose further ground against dollar in the short term.
     
  • The currency pair is trading at 1.3037 levels, it is expected to reach 1.3100 levels and 1.3150 levels in the short term.
     
  • The immediate support can be seen at 1.2930, break below this level will expose the pair to next support level at 1.2870.
     
  • Major resistance can be seen at 1.3104, break above this level will expose the pair towards 1.3184 levels.

    Resistance Levels

    R1: 1.3044 (50% Retracement level)

    R2: 1.3104 (June 3rd high)           

    R3: 1.3184 (61.8% Retracement level)

    Support Levels

    S1: 1.2930 (50% Retracement level)        

    S2: 1.2870 (June 15th lows)          

    S3: 1.2818 (61.8% Retracement level)

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