USD/CAD remains in corrective mode – RBC CM

Sue Trinh, Senior Currency Strategist at RBC Capital Markets, suggests that the USD/CAD remains in corrective mode as the recent strong rally in crude oil persists.

Key Quotes

“There are no data releases scheduled in Canada today, leaving CAD to track oil prices and broader moves in the USD for direction. We continue to monitor a key long-term support trendline at 1.3082 very closely – as a daily close below this level would set the stage for the correction to extend toward 1.3006. Resistance is located at 1.3208 and 1.3265.”