FXstreet.com (London) - Canadian Dollar, known colloquially as the Loonie owing to the small bird imprinted on early gold coins in the region, has traded in a tight range so far this session. USD/CAD is trading in a 12 pip range, between 1.0610 and 1.0632,and currently quotes at 1.06260.

On thin Asian volumes and no local new releases for the pair during Asian hours, Loonie will likely continue to trade in a narrow range this session.

The currency is closely linked to Oil, owing to Canada's position as a leading global producer. Oil too has traded firm this session, currently trading unchanged from the open of $73.70. The black commodity hit this weeks lows last session bottoming out at $73.18.

Local resistance and support should be taken as the bounds of the current trading range, 1.0632 and 1.0610 respectively.