crude oil woes

USDCAD Pares Gains as Crude Oil Turns Higher

USDCAD pare early gains and return to an unchanged level as the crude oil price gains momentum. The crude oil price is 3.72% higher at $24.50 per barrel. Yesterday, the Canada Ivey, Purchasing Managers Index, dipped from the previous 53.2 to 28.2 in March, while the Canada Ivey Purchasing Managers Index s.a came in 26 below the expectations of 41. 

On the technical side, the first resistance for the pair stands at 1.4080, the daily high. More selling pressure might emerge at 1.4142, the high from yesterday’s trading session. 

On the flip side, immediate support stands at 1.3984, the daily low. In case of a break lower, the next support will be met at 1.3920. Further down, the next level to watch is at 1.3724, the low from March 16.  

USDCAD Daily Chart
USDCAD Daily Chart

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