The upward trend of USD/CAD has yet to be reversed, report economists at Rabobank.
USD/CAD will fluctuate between 1.34 and 1.36 in the coming months
“The main driver in FX markets continues to be carry and risk sentiment, which are likely to push USD/CAD higher. On the other hand, higher energy prices in the second half of the year should provide some CAD support”.
“We expect early drivers to dominate oil price rallies, but the pair is unlikely to break out of the 1.3280-1.3880 range this year and see it mainly trading in the 1.34-1.36 range in the coming months, with the biased risk of an upside breakout.”
“The long-term uptrend will not be reversed until we see a confirmed close below 1.3260 and we see little chance of that happening this year.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
