USD/CAD is trading in the narrow range of 1.3130 to 1.3240 for the seventh day.
The pair is lacking a clear directional bias despite the rise in oil prices on Tuesday. The black gold rose over 2% to $ 43.50 after the American Petroleum Institute (API) reported a bigger-than-expected oil inventory drawdown of 4.524 million barrels for the week ending August 21.
Canadian dollar usually draws strong bids when oil rallies. However, on Tuesday, the gains in CAD were meager. The USD/CAD pair fell just 0.34% and remains range bound during Wednesday’s Asian trading hours, as noted earlier.