USD/CAD: Selling on rallies – OCBC

1.4000 holds for now, as market awaits the confirmation of a deal between the top oil producers, Terence Wu, an FX strategist at OCBC Bank informs.

Key quotes

“Price movement from the crude complex suggest positivity.” 

“Prefer a sell on rallies posture for the USD/CAD, barring any mishaps on the OPEC+ front.” 

“Initial target on the downside at 1.3814, before 1.3643 (55-day MA).”