Canadian dollar has been less driven by oil prices recently. 530-pip move from the lows near 1.2050 could be seen as a correction of excessive monetary policy tightening expectations. Uncertainty surrounding NAFTA has been another headwind.
The pair found equilibrium in a range centered on 1.25 level. 1.24 - 1.2430 is the range support and 1.2570 - 1.26 is the resistance. A convincing break of either extreme will signal the direction for the next leg.
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