The USD/CAD pair steadied to close modestly higher in New York at 1.3645 from 1.3635 yesterday. A rise in Brent Crude Oil prices to USD 41.50 (USD 40.50) and WTI to USD 39.15 (USD 38.10), the Loonie finished with a lacklustre performance against the Greenback. The safe-haven attraction to the US Dollar kept the Loonie at bay. Canada’s Covid-19 new cases also increased by 334 with 17 new deaths reported.
USD/CAD has immediate resistance at 1.3670 (overnight high) followed by 1.3700 and 1.3750. Immediate support can be found at 1.3610 (overnight low 1.36076) followed by 1.3580. Look for the USD/CAD pair to consolidate with a likely range today of 1.3620-1.3720. The USD/CAD is likely headed north, look to buy dips.