USD CAD limited in a slight range 1
11/4/2016 8:23:55 AM
USD/CAD limited to a slight range of 1.3345-1.3435 for more than a week now, in spite of the sharp sell-off in the oil prices.
The spot was last seen trading around 1.3400 handle. Broad based USD sell-off on heightened odds of Trump victory confirmed the USD/CAD stayed range bound in spite of the fall in oil prices.
Oil benchmarks have been dropping suddenly on fading views of OPEC deal. A sharp spike in the oil inventories more added to the bearish pressure around oil.
A break above 1.3435 would open doors for 1.3460 above which the psychological level of 1.3500 could be put to test. On the other hand, a failure of support at 1.3380 would uncover 1.3355, under which 1.3300 could be put to test.