USD/CAD: Downside supports still holding – OCBC

Terence Wu, an FX strategists at OCBC Bank, analyzes the USD/CAD outlook as the pair may be settling into a range-bound pattern.

Key quotes

“With the 1.4000 support breached, the next support level enters at 1.3850, which has held in two previous occasions in April. Any breach of that level risks further downside.”

“With crude oil prices topping off for now, we would not be expecting 1.3850 to be breached just yet. Topside resistance at 1.4000.”