USD/CAD Builds Base

The Canadian dollar steadied after inflation eased more than expected in December. From the daily chart’s perspective, the pair is still in a prolonged consolidation between 1.3230 and 1.3800. A bounce off the daily support at 1.3320 may lead to a narrower range. A close above the immediate hurdle at 1.3450 would attract more intraday interests and carry the price to the support-turned-resistance at 1.3560. Stiff selling could be expected from there to the previous swing high of 1.3660 as range trading lives on.

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