Forex: CAD and WTI drift downwards, -8 pips and -4 cents respectively

By IBTimes Staff Reporter | December 22 2009 8:49 PM

FXstreet.com (London) - USD/CAD has fallen just 8 pips in the first few hours of trading in Asia. Sleepy Christmas markets and lack of significant Dollar related news, means the pair is likely to trade in a tight range this session. The pair currently quotes at 1.0560.

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The commodity currency closely tied to Oil, will move with a strong correlation to energy commodities as a major exporter. Oil currently trades at 74.60, 4 cents up from the open, and like the Loonie is likely to trade flat through an extremely thinly traded session.

For USD/CAD resistance and support should be taken as the bounds of the current trading range, 1.0565 and 1.0555 respectively.

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