USD/CAD within a narrow range below 1.2500

Pablo Piovano FXStreet

The Canadian Dollar is alternating gains and losses vs. the greenback on Thursday, with USD/CAD navigating a tight 30+ pips range.

USD/CAD gains capped near 1.2600

The pair is attempting to consolidate after yesterday’s strong pullback amidst the generalized offered bias around the greenback.

In the meantime, US-CA yield spread differentials continue to drive the sentiment around spot, relegating crude oil dynamics to a secondary role for the time being. In this regard, it is worth mentioning that the barrel of West Texas Intermediate is shedding nearly a dollar (or around 1.5%) to the $51.30 region.

Auspicious results from US initial claims and the higher-than-expected Philly Fed manufacturing index did little-to-nothing to spark a lasting bull run in the buck, while investors keep looking to tomorrow’s key releases in Canada: inflation figures and retail sales.

USD/CAD significant levels

As of writing the pair is up 0.13% at 1.2483 facing the next up barrier at 1.2511 (high Oct.17) followed by 1.2599 (high Oct.6) and finally 1.2664 (high Aug.31). On the other hand, a breach of 1.2431 (low Oct.12) would open the door to 1.2431 (low Oct.12) and then 1.2253 (low Sep.22).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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