Currency strategists at RBC Capital Markets said, that USD/CAD has found support above 1.2900 in response to the widespread strengthening of the dollar and the decline of crude oil prices, after data showed an unexpected increase in inventories of raw materials.Currently, the support is located at 1.2896 and 1.2859, while resistance is at 1.2997 and 1.3084, say analysts from the bank.
I retain my bearish outlook for CAD, but will wait for the technical catalysts for opening positions in the USD/CAD. Traders working in the long term, could play through the purchase of options.
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