The Canadian Dollar (CAD) is little changed and continues to hold its established range, Shaun Osborne chief FX strategist notes.
The Canadian Dollar is little changed and continues to hold its established range, Scotiabank'schief FX strategist Shaun Osborne notes. Spot continues to hold around support in the low 1.37s “Solid gains in crude are giving Canadian terms of trade a boost which should be a modest positive for the currency at least—and help keep USDCAD ’s fair value estimate tracking slightly lower .
” “Whether the CAD can take advantage remains to be seen, with external drivers remaining important influences on spot trends and sentiment for now. Positioning remains a potential positive for the CAD.” “Spot continues to hold around support in the low 1.37s. While short-term momentum remains USD bearish, the CAD’s failure to make more progress might start to weigh against a further drop in spot in the short run. Resistance is 1.3765/75.
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