USD/CAD (current price: 1.2924)
The Canadian Dollar was among the more active currencies, as it tracked the volatile movements of oil yet again, with no economic releases coming out of Canada. The pair remains stuck in a narrow range around the all-important 1.3015 support/resistance level, as it rebounded off the lows of last week below the 1.28 level. The slightly negative day in precious metals also pushed the cross higher, despite the negative U.S. manufacturing release.
Our assessment: USD/CAD is still in a neutral short-term range below the crucial resistance near 1.32 and the 200-day MA just above that at 1.3310.
