The Canadian dollar (CAD) is weak, quoting slightly below the maximum recovery of several months on Tuesday, says Shaun Osborne, head of Strategy of FX of Scotiabank.
Short -term resistance is above 1,3880
“The meeting between President Trump and Prime Minister Carney offered a constructive tone, but without indications of a relaxation in commercial tensions, since President Trump said there was nothing that Prime Minister Carney could say that he convinced him to raise tariffs.”
“Fundamentally, the body continues to quote just above its fundamental value (the USD/CAD quoting the cash below the fundamental value in 1,3824). At the national level, the next important risk event is the publication of employment data (April) on Friday. The Bank of Canada will also publish its financial stability report on Thursday.”
“The USD/CAD trend remains bassist as its descending channel extends since mid -April. The slowdown in the impulse is remarkable and is generating a positive divergence, with the RSI without confirming the new minimum of several months of Tuesday in the price to cash. We look for a new support around 1,3720 and we see short -term resistance above 1,3880.”
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.
