The Canadian dollar (CAD) is weak, falling 0.3% against the US dollar (USD) and extending the losses of Thursday by yielding most of the early earnings this week, they report the Heads of Strategy of Scotiabank, Shaun Osborne and Eric Theoret.
The body faces challenges for broader differentials
“The yield of the US and Canada’s performance differentials are offering a slight wind against the CAD, however, the broader fundamental image remains unchanged, since we observe that our fair value assess Canada next Wednesday. “
“The Governing Council is expected to maintain rates by 2.75%, leaving market participants focusing on the tone of the declaration and the press conference. Recent communication has been generally neutral with a slight Dovish inclination in terms of the risk balance. The markets are reflecting this and valuing around 11 basic relaxation points by the end of the year, offering the CAD a source of potential support if the next meeting of the Boc delivers a tone neutral.”
“The medium -term bassist trend has been flattened in the last month approximately, and the recent price action has offered a minimum recurring series just below the support level of 1.36, with resistance observed in the middle of 1.37. The RSI is reflecting this change towards the neutral, since we have observed a displacement from the minimums below 30 (oversight) in mid -June towards a decidy reader reading closer than 50. We see a short -term range approximately limited between the 1,3600 support and the resistance of 1,3720. “
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.
