# USD/COP: Little chances to break below 3600 – CIBC — Octa

> The USD/COP pair is approaching the 3600 level as oil prices recover on COVID-19 vaccine news. CIBC says a break below 3600 could open a path toward 3350, but it sees limited room for sustained peso appreciation beyond the oil rally. CIBC expects USD/COP to stay in a 3600-3800 range for most of 2021 because of fiscal uncertainty and downgrade risk.

- Date: 2020-11-26 · published 2020-11-26T12:00:00.000Z
- Category: macro · region Colombia · magnitude low
- Page: https://feedsoft.ai/events/50438-usd-cop-little-chances-to-break-below-3600-cibc-octa
- Commodities: [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md)

## Why it matters

Feed buyers importing into Colombia see little near-term change in the peso's exchange rate, so import costs in local currency are not expected to shift much. The main risk is a credit downgrade that could weaken the peso.

## Read by commodity

- USDCOP: neutral

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/865816/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.