USD CAD trading in slim range
9/1/2016 9:48:51 AM
The dollar is trading almost unmoved against its Canadian neighbor on Thursday, with USD/CAD navigating a tight range between 1.3100 and 1.3120 up to now. Spot is trying to expand its positive streak for the fifth session today, returning to the 1.3100 neighborhood after yesterday’s fresh peak in the vicinity of 1.3150. A softer tone in crude oil prices in combination with the constant USD rally has been upholding the pair’s bounce off last week’s lows near 1.2830. Actually, the barrel of West Texas Intermediate is recovering the smile up to now, back near the $45.00 mark after three successive pullbacks. As of writing the pair is gaining 0.01% at 1.3110 and a break above 1.3200 would aim for 1.3255 and the 1.3285. On the other hand, the next support arrange at 1.3000 ahead of 1.2960 and ultimately 1.2830.
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