WTI has traded solidly recently, moving almost exclusively with production data or strong macro data As investors still hold back after the credit crisis, the days of mass speculation and regular $10 swings seem, for now, to be behind us.
Oil currently trades at 78.32, firm on the session, having gapped up $1 on the open. Dollar weakness precipitates rising Oil prices as it makes the commodity more attractive in relative terms to importers.
For USD/CAD resistance and support should be taken as the bounds of the current trading range, 1.0493 and 1.0470 respectively. The pair is likely to consolidate with no significant news releases, and major markets still in holiday mode ahead of the New Year.