- Analytics
- News and Tools
- Market News
- USD/CAD: Trades little changed on the day – Scotiabank
USD/CAD: Trades little changed on the day – Scotiabank
The Canadian Dollar (CAD) eased in early Asian trade but has recovered to trade little changed on the day. It’s a busy week for Canadian data reports, Scotiabank’s chief FX strategist Shaun Osborne notes.
Busy week for Canadian data reports
“The BoC’s Q2 Business Outlook Survey is out today, along with (a bit earlier) Manufacturing and Wholesale Sales. But CPI tomorrow and Retail Sales at the end of the week will perhaps have more influence on CAD sentiment. Narrower US/Canada spreads over the past month have helped lift the CAD modestly but spot has held recent ranges.”
“The CAD looks fairly valued in the low 1.36s and that might be about the best we can expect for the CAD for now. The CAD is building up some positive technical momentum. Spot closed lower on the week Friday for a fifth week running. Intraday and daily DMI signals are tilting USD-bearish.”
“But major support sits at 1.3590/00 and Thursday’s strong intraday rebound suggests that the short-term base for the USD remains solid, for now. Resistance is 1.3650/55 and 1.3750/55. CAD-supportive DMIs (currently) suggest CAD losses should remain limited in the short run. A clear push under 1.3590 targets a drop in the USD to the 1.3450/00 range. Major trend support sits at 1.3460.”
© 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
