- Analytics
- News and Tools
- Market News
- USD/CAD to move downward as high commodity prices propel the loonie – Scotiabank
USD/CAD to move downward as high commodity prices propel the loonie – Scotiabank
USD/CAD holds a narrow range around 1.26. Although the pair may experience some more range trading in the short-term, economists at Scotiabank expect the loonie to gain traction as commodity prices stay elevated.
Technical pointers suggest more downside risk for USD/CAD
“With crude still trading well north of $100 and commodity prices generally elevated while broader market volatility continues to recede, we remain constructive on the CAD outlook – although rising US yields may become a headwind for the loonie if domestic yields fail to keep up.”
“So far, however, gains have been capped around 1.2620/25 and we note that short-term trend signals continue to lean bearish, limiting scope for USD gains.”
“We look for more range trading in the short run but feel technical pointers continue to suggest more downside risk for the USD.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
