USD/CAD: Back into previous range – OCBC

The near-term floor for the USD/CAD remains at 1.4000, according to Terence Wu, an FX strategists at OCBC Bank.

Key quotes

“Note that the crude complex continues to show inherent weakness, with the WTI breaking lower to the $15.00 vicinity early Monday.” 

“Bounces must target 1.4130 and then 1.4200 before the downside bias can be turned around.” 

“Intraday, look for 1.4000 and 1.4130 to bookend the pair.”