Canadian currency's movement in a 30 basis point

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The Canadian dollar is trading to a tight range, as investors were reluctant to take the currency much past a 31-month high hit in the previous session.

The Canadian dollar is still well above parity where the Canadian currency's movement held in a narrow 30-basis-point range following the strong move on Wednesday, which marked the 12th straight session of gains as it broke through a key resistance level.

"The Canadian dollar is not likely to do much. It looks like it's going to consolidate its recent gains," said Michael O'Neill, managing director at Knightsbridge Foreign Exchange.

O'Neill expects the currency to trade between C$0.9850 and C$0.9940 for the rest of the session.

"It's still basically the flavor of the year. As long as oil is staying bid and the U.S. dollar regains some footing, you should see some more selling of euro and buying of Canada."

Brent oil futures climbed toward $100 a barrel, piling pressure on OPEC to raise production to prevent high prices hurting the world economy.

At 7:55 a.m. (1255 GMT), the Canadian dollar CAD=D4 was at C$0.9886 to the U.S. dollar, or $1.0115, slightly down from Wednesday's North American close at C$0.9869 to the U.S. dollar, or $1.0133.

Some foreign exchange analysts believe the currency could slide again before the Canadian dollar currency climbs further due to the hurt by traders reluctant to test near-record highs.

North American trade data as well as U.S. jobless claims and producer prices could provide further direction.

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Canadian currency's movement in a 30 basis point

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