The Canadian dollar (CAD) has fallen a bit during the night after having briefly tried levels below 1.38 late yesterday. President Trump commented that Prime Minister Carney will visit Washington shortly and anticipated a ‘great relationship’ with Canada, says Shaun Osborne, Strategist Chief of currencies of Scotiabank.
The CAD is still better supported in general
“That is quite different from some of the other recent comments of the president about Canada and those comments helped to push the USDCAD a little below to strengthen the broader performance of the CAD. The moderate losses so far reflect the general strength of the USD instead of some negative development for the CAD and the CAD is the only currency of the G10 that maintains a gain against the USD in the week until now.”
“The CAD has recovered some land at the crossings as a result. The price in cash is consolidating after falling below 1.38 yesterday to test the congestion support in 1.3775. New marginal minimums of the cycle keep the tone of weakness of the USD intact and the DMI oscillators oriented down for the USD.”
“But the failure of the CAD to maintain profits in front of the USD today and a narrow range session and inside (at this time) point to a short -term consolidation. USD profits can extend to the average/high levels of 1.38 in the short term. The resistance is in 1,3880 and 1,4000/25.”
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.
