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30 Mar 2018

USD/CAD consolidates in a range below 1.29 handle

   •  Investors looked past yesterday’s disappointing Canadian GDP print.
   •  Bullish oil prices underpin demand for the commodity-linked Loonie.
   •  Range-play intact amid holiday-thinned liquidity conditions.

The USD/CAD pair extended its consolidative price action and remained confined within a narrow trading range below the 1.2900 handle. 

The pair on Thursday spiked back to the 1.2940 in reaction to disappointing releases of monthly GDP print and Raw Materials Price Index (RMPI) from Canada. The up-move, however, quickly ran out of steam and was being capped by some renewed US Dollar weakness.

This coupled with bullish crude oil prices provided an additional boost to the commodity-linked currency - Loonie and dragged the pair to an intraday low level of 1.2860.

The pair now seems to have entered a consolidation phase and lacked any follow-through momentum amid holiday-thinned subdued trading action on Friday. Most global markets are closed in observance of Good Friday and hence, the pair seems more likely to continue oscillating in a narrow trading band on the last trading day of the week. 

Technical levels to watch

Any subsequent weakness is likely to find support near the 1.2840-35 region and is followed by a strong horizontal support near the 1.2810-1.2800 zone. On the upside, any meaningful up-move back above the 1.2900 handle might continue to confront strong resistance near the 1.2940 area, above which a fresh bout of short-covering could assist the pair back towards reclaiming the key 1.30 psychological mark.
 

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