- Analytics
- News and Tools
- Market News
- USD/CAD: Firm support is at 1.3595/00 – Scotiabank
USD/CAD: Firm support is at 1.3595/00 – Scotiabank
Focus for the Canadian Dollar (CAD) this morning falls squarely on inflation. Canada reports June CPI at 8.30ET, Scotiabank’s Chief FX Strategist Shaun Osborne.
June CPI is due today
“The street (and Scotia) is looking for a 0.1% rise in headline prices in the month and a 2.8% rise over the year—to reverse a little at least of the uptick to 2.9% seen in the May data.”
“Core measures are expected to moderate a tenth from May. Data in line with expectations will bolster expectations that the Bank will follow up on June’s rate cut with another 25bps reduction next week (19-20bps priced in) and should help underpin USD/CAD’s range base around the 1.36 area, close to where we assess spot fair value sits, for now.”
“The CAD is little changed in overnight trade. A solid rise in the US Dollar off yesterday’s low has not seen any additional follow through demand in overnight trade. Intraday price patterns suggest a minor top/reversal may be developing around 1.3695 (1.3750/55 is major resistance above here) which may see spot drift to test minor support at 1.3645/50. Firm support is at 1.3595/00.”
© 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
