Forex: Loonie sideways, in range 1.0415-1.0385

FXstreet.com (London) - USD/CAD is trading range bound this session. Oil was slightly off on warmer weather forecasts in the US. In addition general market sentiment has compounded losses by the newfound Dollar strength and market move away from risky asset. Change in sentiment forces oil under $80 for the first time this year.

Dollar strength seems to have slowed now in Asian trade. This slowdown, particularly against Loonie, could be attributed to the close trading relationship between the US and Canada. Indeed, a stronger US economy to a certain extent improves the Canadian economy.

Pair currently trades softly, range bound between 1.0415 and 1.0385.

USD/CAD currently trades at 1.0400, down a solitary pip this session. PreciseTrader see’s choppier trade ahead as the general theme for the pair: “The Hourly Oscillators are Bullish and the price is Within the MA, so the Bears have to be sidelined. Hourly Trend is Sideways Up while 10270 holds and Daily Trend is Sideways Down while 10535 holds, so expect the price to be Choppy with a Upside bias. ”

• USD/CAD

USD/CAD (Jan 13 at 05:10 GMT)

1.0381/83 (-0.07%)

H 1.0412 L 1.0373

S3	S2	S1	R1	R2	R3
1.0316	1.0342	1.0368	1.0385	1.0410	1.0436

[?]Trend Index	[?]OB/OS Index
Slightly Bullish	Neutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)