The Canadian dollar (CAD) enters Tuesday’s na session without changes with respect to Monday, recovering from the slight weakness observed in late Asian trade / Early European, says Shaun Osborne, Head of Strategy Strategy of Scotiabank.
Possibility of more profits for CAD
“The recovery in oil prices should offer support to the CAD, together with the modest narrowing in interest rates differentials as short -term rates markets continue to soften their relaxation expectations of the BOC.
“We see possibilities of more profits for the CAD as the markets fit the neutral posture to reluctantly USD/CAD continues to retreat its rebound from September to February. “
The RSI is bassist in 37 and its current level is maintained well below the overall threshold by 30, leaving wide margin for more falls. We expect an extension of the recent weakness and a break in the recent minimum in the middle of 1.36. There are no significant levels of setback before the minimum of September in 1,3420. We seek short -term resistance between 1,3720 and 1,3750 and short -term support between 1,3650 and 1,3620.
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.
