Citi Research argues that as the BoC rate hike this week may have been priced in by markets, investors may sell on fact which may restrain CAD in the short term.
On the technical front, Citi notes that the RSI reading for USD/CAD has reached oversold levels.
“Downside may be limited at 1.2764-1.2823, Aug and Sep 2016 lows. The pair may range trade between 1.2823-1.3236 in the short term,” Citi adds.
Source: Citi Research
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