April has been good for the Canadian dollar (CAD) (its strongest month against the US dollar (USD) since 2019), but the spot continues to operate in rank, says Shaun Osborne, head of Strategy of FX of Scotiabank.
FV estimate falls below 1.38
“The elections have been irrelevant to the CAD so far, but now the hard work for the Carney government has begun. There may be no hurry to get involved with the US in trade; the winds against the US economics of the US.
“Our fair value estimation for the spot has dropped below 1.38 this week for the first time since last October and is located at 1,3789 today. The generally weak USD and the most quiet US assets markets are factors, but the lowest US yields and the narrowest margins between the US Report the GDP at the industrial level of February.
“The consolidation of the spot is extending in the short -term graphics. The congestion between 1,3575/1.3775 continues to offer some support to the USD, but the widest bear trend of the USD remains intact and the impulse of bearish tendency will limit the rebounds of the USD in the short term. The intradic resistance is 1,3880, with a strong resistance. 1.40.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
