USD/CAD: A breach of 1.417 opens the 1.44 level – Rabobank
|Economists at Rabobank expect USD/CAD to eventually break out of its recent pattern with 1.4170 the necessary hurdle to leap on the way to the target of 1.44 before the end of June.
Key quotes
“The USD/CAD pair is trading a somewhat familiar triangle pattern with range-trading in an ever tighter range. This sort of triangle pattern often results in a sharp break once the barriers are breached and given the formation comes after a significant rally, the bias would normally be for a break to the upside.”
“A move above 1.4170 opens up a move to our target of 1.44 before the end of June. On the downside, we would need a confirmed close below 1.3850 to break the formation but we see this as unlikely at this stage.”
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