USD/CAD still in a narrow range on the Daily Chart

usd-cadUSD/CAD (current price: 1.3110)

The Canadian Dollar had a mixed session on Monday, as the continued rally in oil pushed the currency higher but the global sentiment weighed on it throughout the day. The OPEC decision to curb crude oil production in November is still helping the crucial commodity, while the worse than expected RBC Manufacturing Index hurt the Loonie yesterday. U.S. Total Vehicle Sales also beat expectations with an annualized reading of 17.8 million.

Our assessment: The pair is still trading in a neutral long-term range, despite the recent rally in the price of oil, as the USD remains strong, with strong support at the 1.30 level and resistance at 1.3250.

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