Forex: USD/CAD holds above parity on oil slides

[Rey Nuevo]

FXstreet.com (Buenos Aires) – Canadian dollar holds above parity against the greenback, with the USD/CAD trading at 1.0035 by the time of writing, as oil prices hold below the $95.00 mark. China’s implied oil demand fell in April to the lowest level in six months and showed the first year-on-year decline in at least three years, primarily due to refineries scaling back demand to perform annual maintenance. European jitters that keep dollar bided across the board are the next factor that keeps the pair near a daily high set at 1.0051.

 

Technically, the pair is biased higher, and may find immediate resistance on gains at 1.0062, this month high printed on May 5th, followed later by 1.0100 psychological level. Immediate supports in the short term, are located at 0.9990 daily low, and 0.9925, past May 7th low.