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  • US Dollar Index is trading near one-year’s high in the 95.00 area.  
  • CAD under pressure as oil is on the backfoot. Investors’ focus is on OPEC meeting on June 22.  

USD/CAD bulls are grinding higher on Wednesday as their objective is to keep the market above the 1.3300 psychological mark. The currency pair is trading at 11-month’s high after breaking a wedge pattern on the daily chart which is a bullish setup.

The oil-commodity linked currency CAD is on the backfoot as crude oil is struggling to hold prices above $66.00 a barrel. In fact, investors are worried that the OPEC (Organization Of Petroleum Exporting Countries) will ramp up production at its next meeting on June 22-23. Additionally, the mounting US-China trade war is as a negative  for crude as the trading dispute has the potential to harm the global economy.  

On the other hand, the US Dollar Index (DXY) which measures the greenback against a basket of currencies is trading near one-year’s high close to the 95.00 level. Investors are bullish on the buck which remains, for now, the strongest currency with the Federal Reserve being the most hawkish bank in the G10 currencies.

USD/CAD 15-minute

USD/CAD is trading up for the fourth day in a row. USD/CAD is currently trying to keep the market above 1.3300 in order to potentially reach the 1.3350 June 21, 2017 swing high which can be the next target to the upside.  

Spot rate:                   1.3318
Relative change:        0.1%      
High:                          1.3321
Low:                           1.3266

Trend:                         Bullish

Resistance 1:            1.3321, current weekly high
Resistance 2:            1.3350 June 21, 2017 swing high
Resistance 3:            1.3543 June 9, 2017 swing high

Support 1:                 1.3266 current Wednesday’s low
Support 2:                 1.3200 figure
Support 3:                 1.3155 former supply/demand level