USD CAD trying to expand movements
11/1/2016 8:24:23 AM
The USD/CAD pair fluctuated within a narrow trading band and is now trading with slight negative bias around 1.3400 handle.
The pair has failed to gain any motivation among mixed USD performance and was seen merging its recent strong gains to multi-month highs. In the meantime, a recovery in crude oil prices is profiting the commodity-linked currency - Loonie and has limited the pair just below last week's multi-month high.
On the upside, 1.3425 level leftovers immediate persistence to watch for above which the pair is likely to aim immediately towards 1.3450 intermediate persistence before rushing towards 1.3500 psychological mark. On the other hand, persistent weakness below 1.3400 handle, leading to a succeeding drop below 1.3370, is likely to attract fresh selling pressure and drag the pair immediately towards 1.3335 support en-route its next major support near 1.3300 region.