- Analytics
- News and Tools
- Market News
- USD/CAD: CAD drifts back to the upper 1.35s – Scotiabank
USD/CAD: CAD drifts back to the upper 1.35s – Scotiabank
The Canadian Dollar (CAD) is drifting back to very familiar ranges this morning. Spot is finding it hard to break away from the upper 1.35 area and, with trading looking relatively subdued today, that may not change in the short run, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Technicals lean USD-bearish
“Extended periods of narrow range trading eventually give way to more directionally dynamic trading but there is simply no catalyst to drive movement at the moment. Spot remains close to estimated equilibrium (1.3548 today).”
“Canadian Retail Sales are expected to rise 0.6% in the July month (Scotia at 0.5%), with ex-auto sales rising 0.3%. Retail activity was weak in June, although volume sales advanced marginally. Statcan’s ‘flash’ estimate for July sales, released with the June data, pointed to a 0.6% rise.”
“A weak close on day Thursday for the USD developed a large, bearish outside range signal on the daily chart which tilts near term risks to the downside and should reinforce USD resistance in the mid-1.36 zone from here. Minor gains for the USD today look consolidative ahead of renewed softness. Loss of short-term support at 1.3535/45 should see USD weakness extend a little more.”
© 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
