Forex Flash: USD/CAD holds broader outlook ahead - BBH

FXstreet.com (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the US dollar spent the past week in fairly narrow trading ranges against the Canadian dollar.

He feels that this is consistent with a broader outlook and he anticipates a heavier tone for the greenback in the days ahead. He writes, “Initial support is seen in the CAD1.0170-CAD1.02 band, which the US dollar has not traded below for a month. A break of this area could see another cent retreat. The RSI and MACDs are trending lower and the market positioning seems stretched.”