The results of the Canadian elections brought disappointment for practically all: the liberals won, but they are short of a majority, the conservatives saw an increase in popular support, but their leader failed to retain their own district, while both the NDP and the bloc lost strongly, says Shaun Osborne, head of FX chief in Scotiabank.
The downward trend of the USD remains well established in the daily chart
“The PM Carney will have to work with minority parties – positively – to approve legislation. While the CAD slid marginally in night trade, it is now being negotiated little changed in the day and the assessment of the risk of reversion of the USDCAD shows little change in the inclination through the deadlines of 1, 3 and 6 months, which suggests that the markets are not excessively worried by another minority At this time – despite the challenges that Canada faces. “
“The spot continues to consolidate in the short -term graphics, with the widest drop of the USD finding some support against a wide range of congestion located just below the minimum of 1,3781 last week.”
“The downward trend of the USD remains well established in the daily chart, which will help limit the reach of short -term USD rebounds. Intradication resistance is 1,3880, with strong resistance probably closer to 1.40. The support is 1,3775/80 and (key) 1,3745.”
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.
