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3 Aug 2015
USD/CAD rises above 1.31, Oil drops 1%
FXStreet (Mumbai) - The USD/CAD pair rose to a session high of 1.3140 as markets continue to ditch the CAD on weak GDP data and falling oil prices.
CAD hurt by comments from Iranian oil minister
The Crude prices in the US are down 1% after Iranian oil minister stated that his country Bijan Namdar Zanganeh said his country can boost oil production “in one week” after international sanctions are lifted. Consequently, CAD has taken a hit in the Asian session today.
Ahead in the day, the spot could continue to track the movement in the oil prices. The investors shall also watch out for the US personal spending and ISM manufacturing numbers due for release later today.
USD/CAD Technical Levels
The immediate resistance is seen at 1.3306 (June 2003 low), followed by a major hurdle at 1.3586 (Mar 2004). On the other hand, support is seen at 1.3102 (July 24 high) and 1.30 handle.
CAD hurt by comments from Iranian oil minister
The Crude prices in the US are down 1% after Iranian oil minister stated that his country Bijan Namdar Zanganeh said his country can boost oil production “in one week” after international sanctions are lifted. Consequently, CAD has taken a hit in the Asian session today.
Ahead in the day, the spot could continue to track the movement in the oil prices. The investors shall also watch out for the US personal spending and ISM manufacturing numbers due for release later today.
USD/CAD Technical Levels
The immediate resistance is seen at 1.3306 (June 2003 low), followed by a major hurdle at 1.3586 (Mar 2004). On the other hand, support is seen at 1.3102 (July 24 high) and 1.30 handle.