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.”
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