USD/CAD: Close above resistance at 1.3070 to usher in a test of 1.32 – Rabobank

USD/CAD is trading slightly above the 1.30 level. Economists at Rabobank note that a break above 1.3070 would open up a move to 1.32.

Key levels for USD/CAD remain 1.2860 and 1.3070

“We expect the USD/CAD pair to primarily trade around the 1.30 handle in the coming weeks but we are of course seeing heightened volatility across asset classes. That said, we expect continued demand for USD and a reversal of the recent oil sell-off will keep the pair relatively well trapped. 

“A confirmed close below the 1.2860 support level will nullify the recent bull trend, while a confirmed close above resistance at 1.3070 would likely usher in a test of 1.32 in short order.”