Canadian dollar tepid but it will break soon
USD/CAD has traded in a 45-pip range during New York hours. The range trade comes after an early fall on a pickup in oil prices.
The micro-range is 1.2428 to 1.2471 and a break on either side is likely to test the larger wedge that formed after the 5-year peak in January.
On the orderboard, the talk is that offers are in the 1.2545/50 range with real-money sellers at 1.2575 and 1.2600. Tech sellers all the way up at 1.2590.
On the downside, bids at 1.2360 with chatter about corporate interest from 1.2400 to 1.2350. Stops below 1.2295.
