Following are expected trading ranges and outlook for USD/CAD today:

USD/CAD - to trade with risks skewed lower. Undermined by buoyant commodity & oil prices (Nymex crude settled up $1.50 yesterday at $98.41/bbl); improved global risk sentiment.

Data focus: 1315 GMT Canada January housing starts.

USD/CAD daily chart mixed as MACD bearish, 5- & 15-day moving averages falling, but stochastics bullish at oversold.

Support at 0.9936 (yesterday's low), then at 0.9923 (Friday's 3-month) and 0.9910 (Oct. 31 low); breach would expose downside to 0.9888 (Oct. 27 swing low), then 0.9776 (Sept. 19 reaction low).

Resistance at 0.9994 (yesterday's high), then at 1.0033 (Friday's high); breach would target 1.0048-1.0053 band (Feb. 1 high-Jan. 31 high), then 1.0070 (Jan. 30 high), 1.0147 (Jan. 25 high), 1.0162 (Jan. 23 high) and 1.0177-1.0188 band (Jan. 18 high-Jan. 17 high).