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USD/CAD stays on the back foot for the second day in a row, down 0.15% to 1.3160 as struggles to find a clear direction. The USD downside momentum looks increasingly tired. Yet, the familiar USD negatives are still in place and the market is still happy to sell USD on rallies. The loonie is expected to trade in the 1.3100-1.3250 range, Terence Wu from OCBC Bank briefs.

Key quotes

“Soft crude and commodity complex should continue to keep the USD/CAD buoyant for now, although the soggy USD will put a lid on any significant attempts to lift-off.” 

“Suspect that there is not much official appreciation for a lower USD/CAD at this point.” 

“Expect a range between 1.3100 and 1.3250 for now.”