FXstreet.com (London) - USD/CAD has traded in a tight range the first few hours of trading in Asia. After dropping on Dollar weakness in the previous session, the pair has now consolidated in range. The pair currently quotes at 1.0480.
As a commodity currency closely tied to Oil, will move with a strong correlation to energy commodities as one of the major global exporters. Oil currently trades at 77.28, half a buck up from the open. Dollar weakness typically favours Oil as it effectively becomes cheaper to buy (as a Dollar-denominated commodity).
For USD/CAD resistance and support should be taken as the bounds of the current trading range, 1.0477 and 1.0491 respectively.