CAD: Bullish backdrop remains in place technically – RBC CM

Sue Trinh, Senior Currency Strategist at RBC Capital Markets, suggests that the Canada’s economic calendar remains light this week, with no data releases scheduled again today.

Key Quotes

“This should leave CAD beholden to risk sentiment and broader moves in the USD for directional bias. Despite the volatility to begin the week, a bullish backdrop remains in place technically. Support at 1.3278 is expected to attract buying interest in this regard, looking for an extension toward resistance at 1.3402.”