USD/CAD trapped just below 1.3300 as crude prices push pair along

• CAD up on rising oil prices, helped along by declining US barrel/rig counts.
• With no other changes expected in crude markets, the Loonie is set to lose momentum once again.

USD/CAD is now cycling tightly around 1.3270, consolidating in early Wednesday action after dipping into 1.3180 to end Tuesday's trading.

Oil prices managed to knock higher on declining US supply buildup, and boosted crude oil prices sent the CAD a step higher against the US Dollar. The Loonie remains entirely dependent on crude oil action to deliver directional momentum, and prices could see themselves stuck where they are for the time being with no further action from OPEC expected in the near term and expectations of rising global demand for crude to continue easing against US supply numbers, which remain high despite recent reductions.

USD/CAD Technical Levels