Home USD/CAD to stabilize within the 1.33-1.34 range – OCBC

USD/CAD to stabilize within the 1.33-1.34 range – OCBC

Updated: 25 Sep. 2020 | 09:12

The USD/CAD pair found little traction north of the 1.3400 resistance, before retreating back towards the 1.3350 locus. The loonie is trading on Friday in the mentioned 1.3350 neighborhood and Terence Wu, FX strategist at OCBC Bank, expects USD/CAD to consolidate within the 1.3300-1.3400 range with a slight upside bias.

Key quotes

“Downside impetus for the loonie is limited, especially as the commodity complex remains soggy at this point.”

“Expect the USD/CAD pair to turn consolidative between 1.3300 and 1.3400, with a slight upside bias going forward.”

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.