The Canadian Dollar (CAD) has barely changed in the session so far. Prime Minister Trudeau promises more spending to help boost economic growth in the fall economic update, notes Shaun Osborne, chief FX strategist at Scotiabank.
CAD has hardly changed
“Markets have been comfortable holding the CAD in a tight range above 1.40 since the start of the week and that could extend into next week, ahead of the Bank of Canada decision on the 11th. Swaps are pricing in a little more risk of an aggressive rate cut (41 basis points) next week, which will maintain the defensive tone of the CAD.”
“Prime Minister Trudeau promised more spending to help boost economic growth in the fall economic update, although there is no indication from the government on when the statement will be delivered.”
“Spot ranges are compressing, but weakening trend momentum suggests more trading within the short-term sideways range between support at 1.4030 and resistance at 1.4090/00.”
Source: Fx Street
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