USD/CAD between 1.30-1.34 in the near term – Rabobank

By FXStreet FXStreet (Edinburgh) – Strategist at Rabobank Christian Lawrence sees spot meandering between 1.30 and 1.34 in the next weeks, pending cues from crude oil prices.

Key Quotes

“USD/CAD has traded within a 400pips range over the course of the past month with the pair hitting a low of 1.2952 and a high of 1.3354”.

“Returning to spot, CAD performance has been in line with other Commonwealth commodity currencies, with NZD/CAD and AUD/CAD unchanged since the end of July. Going forward, we see reason to expect CAD to outperform its antipodean pairs in the short term, provided that oil prices do not visit new lows”.

“In terms of the USD/CAD in particular we expect more of the same, with price action likely to stay within the 1.30-34 range over the course of September. This view is based on our long-held expectation that the Fed will not raise rates in September and that instead December remains the meeting to watch”.
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Source:: FX Street