FXstreet.com (London) - USD/CAD is trading tightly range bound this session. Oil was slightly off on warmer weather forecasts in the US in previous days, this down move has been exacerbated by reports of overstocking. Oil still trading at around 78$.
General market sentiment has moved away from risk appetite territory after some of the first major reports for the year came back worst than expected. Market eyes Weds and Thursday as key dates, with BoA, Morgan Stanley and GS all releasing their reports.
Pair currently trades softly, range bound between 1.0250 and 1.0260.
USD/CAD currently trades at 1.0255, up 3 pips on the session. PreciseTrader see's continued range trading this session: The Hourly Oscillators are Bearish but Weak and the price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 10340 holds and Daily Trend is Sideways Down while 10490 holds….. The Hourly Trend has been in a Range Trading with a downside limited, 10285-10340 are the critical levels.