USD/CAD remains in a range. Economists at TD Securities expect the pair to continue trading within 1.27 and 1.31.

BoC rate hikes start to rattle the housing market

“USD/CAD should continue to maintain the 1.27/1.31 range in the short-term. The bias, though, remains to the upside, especially as BoC rate hikes start to rattle the housing market and risk appetite remains shaky.” 

“We also downplay the importance of the oil factor given limited longer-term investment implications.” 

“While the consensus view around USD/CAD seems less varied than other pairs, we're generally more bearish CAD in the months ahead.”