USD/CAD is unlikely to breach 1.37 to the upside and will remain stuck in the 1.33 to 1.37 range, in the view of economists at Rabobank.
1.35 Magnet
For several months, we have been highlighting the 1.35 ‘magnet’ in USD/CAD, and as we head into the last quarter of the year, we maintain the view that USD/CAD will likely stay range-bound around that level.
The bulk of price action has seen the pair trading within the 1.33 to 1.37 range, and we don’t expect that to break for the remainder of the year. In fact, our forecast is essentially flat, with 1.35 continuing to act as a magnet.
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