The Canadian Dollar (CAD) is little changed on the session.
The Canadian Dollar is little changed on the session. Soft stocks contrast with generally firm commodities on the session while short-term cash bond spreads are narrowing somewhat, Scotiabank’s Chief FX Strategist Shaun Osborne notes. CAD drifts back to the mid-1.39 “Mixed short-term impulses for the CAD and limited domestic data releases leave markets with little to go on in terms of the CAD’s direction.
Cross flows may be giving the CAD a little support but even mild USD/CAD losses leave spot straying a bit more conspicuously from estimate fair value ”. “Short-term trend momentum has weakened to near neutral levels following the USD’s drift back from its early week peak. Spot continues to find support around 1.3950/60 but there are some tentative, CAD-positive signs on the weekly chart, with the USD failing to hold last week’s break above 1.4040 resistance .” “USD weakness below 1.
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