FXstreet.com (London) - USD/CAD has traded range bound in early Asian trade. Oil edged lower now trading around $73. WTI near month futures trade at $73, a one dollar premium on Brent futures. Oil is usually negatively correlated with the Greenback, that is a Dollar rise coincides with a fall in crude, and that has been the main theme crude has traded on.
With most major co.s having submitted YE reports now, focus again turns to central banks and major macroeconomic cues . Banking policies in both US and China have caused a strong market reaction, US GDP later this week will be next key indicator.
Pair currently trades up just 2 pips having traded in range between 1.0650 and 1.0630.
USD/CAD currently trades at 1.0642, and continues to trade softly on few queues. PreciseTrader envisages a limited direction for the pair in this forecast: Hourly Trend is Turning Down while 10695 holds and Daily Trend is Sideways Up while 10375 holds, so expect the price to be Choppy and Upside may be limited. The Hourly Trend has been in a Range Trading with a limited Upside ,10695-10730 are the critical levels to watch to maintain the bearish outlook.