USD/CAD trades a tight range ahead of NY session, with highs on the day at 1.3355 and lows at 1.3300.
- Oil prices pare gains on stronger dollar and weak Japan data, Brent futures were at $48.33 per barrel at 0940 GMT, erasing earlier Friday gains
- Persistent weakness around crude oil prices and the steady-to-bearish stance from the Bank of Canada keeps CAD pressured
- USD/CAD uptrend intact, price action remains above the cloud and moving averages
- A daily close below converged tenkan and kijun lines at 1.3215 will shift the bias back to the downside
- Markets now focus on U.S. GDP data due ahead for further direction
- USD/CAD is currently trading at 1.3328, with immediate resistance at 1.3355 (Session High Sep 25) and support at 1.3302 (Session Low Sep 25)
Resistance Levels:
R1: 1.3355 (Session High Sep 25)
R2: 1.3374 (30-Day Upper Bollinger)
R3: 1.3400 (Psychological Level)
Support Levels:
S1: 1.3302 (Session Low Sep 25)
S2: 1.3291 (Daily Low Sep 24)
S3: 1.3233 (Daily Low Sep 23)
