- Analytics
- News and Tools
- Market News
- USD/CAD: Clear push under 1.35 to solidify prospects for a substantial drop toward 1.33/1.34 – Scotiabank
USD/CAD: Clear push under 1.35 to solidify prospects for a substantial drop toward 1.33/1.34 – Scotiabank
CAD extends gains to a one-month high on the USD. Shaun Osborne, Chief FX Strategist at Scotiabank, expects the USD/CAD pair to plummet toward 1.33/34 on a sustained break under the 1.35 zone.
Backdrop looks CAD positive
“At month-end, there is a risk that CAD gains are related to short-term flows. However, if you combine (relatively extended CAD-bearish) positioning, valuation considerations, CAD-positive seasonals, some (developing) technical momentum and throw in the narrowest WCS/WTI spread in nearly a year and the idea of CAD gains having some sticking power is not so far-fetched. A positive risk backdrop adds to the bullish backdrop for the CAD too.”
“Technical damage has already been done to the USD by spot’s weakness under the 40-Day Moving Average (1.3584) I believe but a clear push under the 1.35 area would solidify prospects for additional CAD gains in the coming weeks towards 1.33/1.34. “
© 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
