FXstreet.com (London) - Greenback has traded up against the Canadian Dollar this session, drifting to the upside on slim trade. The pair currently quotes at 1.0463, up nearly 30 pips from the open on firmer.
WTI is trading in a tight range, firmer after a cold US weather front has boosted demand for heating oil, one of the primary derivatives of crude oil. Oil currently trades at 78.71, firm on the session, and virtually unchanged room the open. Slowing trade and minimal flows in markets has helped oil prices firm at the current level.
For USD/CAD primary resistance should be taken as 1.0481 (Strong support zone ) if Dollar strength continues. Support on the downside is at 1.0381 (tested earlier in US session). The pair is likely to consolidate with no significant news releases, and major markets still in holiday mode ahead of the New Year.