USD/BRL: A BREAK ABOVE 5.0000 WOULD SUGGEST A RETEST OF THE 5.0500-5.1000 RANGE – CIBC
USD/BRL retested the 5.0000 level during the second half of January. Economists at CIBC Capital Markets analyze the pair’s outlook.
USD/BRL unlikely to surpass the 5.2000 level in the coming months
A USD/BRL break above the 5.0000 mark would suggest a retest of the 5.0500-5.1000 range last seen in October/early November.
We point out that barring a new external shock, the benevolent trend of the country’s trade balance is likely to prevent an upward move beyond the 5.2000 level in the coming months.
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