USD/CAD still stuck near 1.3250 as unmoving oil prices sees CAD treading water

• Crude oil prices dominating USD/CAD action as the Loonie mirrors barrels.
• Near-term direction for crude oil prices is over unless a new market dynamic changes the current fundamentals.

USD/CAD is cycling around 1.3270 as sticking oil prices see the Loonie freezing in its tracks, and the major pair is entering a holding pattern as oil commodity traders await fundamental changes.

Oil prices have seen an impressive recovery in recent months, spurred on by OPEC+'s long-awaited production cuts which seem to have hit markets with their full effect, and easing US production capacity is also helping to keep oil prices bid into their current levels, giving the CAD a ride up the charts, though rebalancing for crude barrels appears to be over, and sideways oil prices are showing up in the USD/CAD pairing, which has gone decidedly flat for this trading week, sticking close to near-term price zones that have seen the pair hobbled in the past, as energy traders await a push in either direction, looking for waning demand to begin sending prices back down, or further production cuts from OPEC to push barrel costs higher once more.

USD/CAD Technical Levels