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The Canadian dollar is the second best performing currency of 2021 so far. Rabobank’s 1-3 month USD/CAD forecast remains at 1.26-1.27 but the risk in the coming weeks is skewed to the upside with USD/CAD likely to trade above the 1.27 handle in the next two weeks.

Key quotes

“We expect that price action in the next two weeks is likely to see USD/CAD primarily trade with a 1.27 handle.”  

“On the upside, key resistance comes in at 1.2750 ahead of 1.2840. We do not expect the pair to break 1.2880 in the next two weeks.”  

“On the downside, 1.2575 offers key support ahead of the recent low of 1.2468 although we do not expect either of those levels to be tested in the next two weeks.”