The Canadian dollar is the worst performing major currency so far today
The loonie is arguably the only currency with an extended trading range as markets remain rather quiet for the most part ahead of North American trading. USD/CAD sits in a 46 pips range today but is holding at the upper extreme above 1.3350 as the loonie remains weak on the back of oil prices being pressured.
Oil backed off its overnight highs during Asian trading, with WTI falling by about 0.5% to $64.30 initially. But the IEA highlighting that demand remains uncertain in the face of global growth slowdown gave markets a reason for concern and oil fell further towards $60.00 as seen now, down by 0.9% on the day.
That is keeping USD/CAD underpinned as price climbed above the key hourly moving averages earlier today. That means the near-term bias is now more bullish.
However, price is moving towards contending with resistance around 1.3362 so that will be a level to watch out for in the session ahead. Further resistance is then seen closer to 1.3375 before offers around 1.3390-00 come into play.