Within the G-10 space, the USD succumbed to post-NFP profit-taking, with the cyclicals, led by the CAD, outperforming. On Monday, the USD/CAD recovered some of its previous day’s losses, but the pair is expected to remain below the 1.2500 level, according to OCBC Bank experts.
“For the time being, upside momentum may have to take a break.”
“A stronger catalyst is likely necessary to take the pair north of 1.2500, and that is unlikely to be available for the time being.”
“In the multisession horizon, expect USD/CAD to settle into a broad 1.2200 to 1.2500 range.”
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