USD/CAD about to lose the 1.30 level amid firm commodity complex – OCBC

USD/CAD is on the verge of breaking below 1.30. Meanwhile, oil prices are holding onto their gains, supporting commodity currencies such as the Canadian dollar. Terence Wu, FX strategist at OCBC Bank, expects any bounce to find resistance at 1.3050.

Key quotes

“The USD/CAD pair continue to succumb to gravity, with the 1.3000 level implicitly attracting for now.”

“Going forward, a firmer commodity complex should support the commodity currencies, including the CAD.”

“Expect bounces to find first resistance at 1.3050.”