National Bank of Canada (NBC) discusses USD/CAD, noting recent moves and the bank’s expectations for the pair. The report highlights key support and resistance levels and outlines scenarios under which USD/CAD could break out of its current range. The analyst provides a directional bias over the coming sessions without adding new catalysts beyond those already mentioned.

USD/CAD outlook with key levels

"We continue to expect USD/CAD to trade within a broad range in the near term, with key support and resistance levels likely to contain price action unless there is a significant surprise from upcoming data releases."

"A sustained break below support would open the door to further Canadian Dollar strength, while a move above resistance could signal a renewed period of USD outperformance against the Canadian Dollar."

"Our base case scenario remains for range trading over the coming days, but we acknowledge that volatility could increase if economic data or central bank communication materially alters interest rate expectations."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)