Forex News USD/CAD has been trapped in a C$0.9724 - C$1.0343 trading range since last Nov, thereby producing a neutral trend bias for the pair, says a report from RBC Capital Markets. "Based on the price patterns that have formed after USD/CAD reached a secular low of 0.9059 in Nov, we believe that a 'base-building' process is underway that will eventually lead to another rally in USD/CAD," RBC says. A clean break above resistance at C$1.0343 is required in order to affirm that thesis, it says. "Should the global economic growth outlook worsen and lead to a sustained correction in commodity prices, the odds of a rally in USD/CAD will increase," RBC says.
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