USD/CAD is range bound

Published Feb 06, 2024Updated Feb 06, 20242 min read

Sold 100%

13 Feb 2024

January US CPI hotter than expected, provides the latest push above 1.3500 but doesn't change overall outlook cuts, just takes march off table.

USD/CAD

13 Feb 2024

CLOSEDLONG

Invested Capital

Buying Price

1.349$

Selling Price

1.353$

ROI

0.28%

USD/CAD is range bound Expect 1.3350- 1.3650 range medium term. Strong January US non farm and JPOW 60 minutes interview helping push back expectations of rate cuts. Comments today by Treasury Secretary Yellen about risks to USD dominance caused some profit-taking from yesterday but expect USD to be bought on dips. Like to buy USD below 1.3500 and sell above it. Position killed if CAD strengthens below 1.3350 as indicates medium term range shifted lower.