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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.”