The Canadian dollar (CAD) remains little changed over the weekend, says FX Strategy Head of Scotiabank, Shaun Osborne.
CAD reaches the key support of the USD in 1,4350
“There have been few news about the tariff problems between the US and Canada, but the PM Carney commented on Friday that there were advances in the conversations, without specifying what those advances were. The CAD is receiving some support from the generally softer tone of the USD to press against the recent minimum of the range (and technical support) for the USD in the middle of 1.43. The USD continues to negotiate significant Fair value (1,4109 currently), which suggests a broad potential downward in the cash at least. ”
“The technical signs are mixed. On the one hand, the price movements last week indicated a maximum/short -term reversion (bearish candle pattern of ‘evening star’) that developed around the maximum of the Tuesday’s cash. The firm resistance is now at 1,4515/20 and a little higher in 1,4545/50.
“However, the USD enjoys the support of a solid impulse of the bullish trend in the intradic, daily and weekly graphics, which will reinforce the support around 1,4340/50 (MA of 40 days and minimum of last week). A thrust below 1,4350 could see the cash to back to 1,4225/50.”
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.
