USDCAD Outlook

From the FXWW Chatroom: CIBC: USD/CAD finding support at yesterday’s lows at the 1.3210/12 area which is line with prior pivot points seen in February. The focus should shift back to the US for today as we look towards the release of CPI/retail sales and the FOMC later on. Into the medium-term, the fundamental backdrop in Canada continues to be supportive for growth and we expect price action to be reflective of that going forward. As positioning in CAD shorts continues to be cleaned out, we expect USD/CAD to test the 1.3000 level in the coming weeks.

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