The Canadian dollar (CAD) is being negotiated a little firmer in night trade, extending the progress made yesterday in the midst of a broader fall in the US dollar (USD) that pushes it below 1.36, they inform the Chief of currency strategies of Scotiabank, Shaun Osborne and Eric Theoret.
Strongest risk appetite and raw material currencies
“The general weakness of the USD, the gains of the pairs of raw materials of the CAD and the feeling of positive risk are contributing to modestly raising the CAD in the session and helping the CAD to reduce the gap between the exchange rate to the cash and its estimated fair value (1,3537, according to our model this morning). Without important data reports programmed and without an obvious progress in the commercial conversations between the US. CAD is operating in something like a vacuum at this time and depends, again, to a large extent of external influences for cash movements. “
“The CAD bounce this week is doing a lot to reverse the profits of principles and mid -July at the USD and renew the bullish impulse in the CAD after a negotiation period in lateral range. The losses of the USD through the support (now short -term resistance) around 1,3650 yesterday they can pave the path for a new test of the average area of 1.35 in the near future; the only obstacle to a complete reset for a complete reset to a complete back In 1,3420. “
“If the body profits can be maintained until Friday, a low closure in the week should add to the positive technical state of the CAD. The tendency force signs are beginning to align themselves lowly for the USD again, which should limit the scope for corrections against the trend and maintain the downward pressure over the cash.”
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.
