USD/CAD breaks down the gains, Oil is on course for recovery

FXStreet — The currency pair USD/CAD took place the week of opening new bids. Blame for this event were Oil prices. The currency climbed pair to a session high at 1,3720 — could not hold the level, however, and turned to the South. Last it traded at 1,3680 and, therefore, 0.22 per cent in the Plus.

In the European business, the prices of the US variety of West Texas Intermediate on the round brand of 47,00$. As a result, the black Gold had to give up his gains. Thus, the number of active oil Drilling has increased in the past week to a six-703, as the US service provider Baker Hughes announced on Friday evening. The limited recovery in Oil prices. However, the news Agency Reuters reported recently that OPEC and Non — OPEC countries consider an extension of the production cuts in order to nine months can be considered.

The fact that the US Dollar Index was able to defend its gains to the week to kick-off, the currency pair is in a positive note. The Index was last updated with an increase of 0.42 per cent to 98.83. After the French presidential elections are now behind us, is likely to inform the investors focus on the Fed and expectations for a June interest rate increase.

Technical Outlook

The next Resistances are at 1.37, 1,3735 (High-25. February 2016) and 1.38 (psychological mark) and 1,3860 (High 24. February 2016). Supports are at 1.3600 (psychological level / High 28. December), 1,3540 (Deep 27. April) and 1,3410 (Deep 24. To find April).

** FXStreet News Editorial, FXStreet**

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