FXstreet.com (London) - Oil has traded tightly range bound on extremely quiet markets today. The commodity is currently trading at 74.60 unchanged from the open, and has not traded outside the 13 cent range between 74.52 and 74.65.

The Canadian dollar, closely correlated to oil prices in recent times, has also traded in a narrow range against the Dollar this session, between 1.0674 and 1.0661, just a 13 pips range. The pair currently trades at the edge of this range have moved slightly to the downside at 1.0660. We see the range as the primary resistance and support level in case of breakout in this sleep session.

Gold trades up $4 at $1117 right now. The market has not forgotten about the possibility of major economies diversifying their reserves and buying up more gold.