The Canadian dollar (CAD) is entering Wednesday’s NA session with a slight decrease against the US dollar (USD) while merchantly defensively trades since Tuesday’s closing, says Shaun Osborne, head of Strategy of FX de Scotiabank.
The fair value estimate for the USD/CAD is currently at 1,3746
“The movement remains limited in general and the risk lies in the publication of the US CPI. At 8:30 am et. Canada will also publish national construction permits at the same time, however, the data is not expected to have a significant impact on the market.”
“The widest perspective of the CAD remains constructive, thanks to recovery in oil prices and the reduction of differential its foundations. “
“The technicians are bassists since the USD/CAD continues their recoil from the September-February rally. Momentum indicators are bassists and the current RSI reading of 36 leaves wide margin for more falls before the overall threshold in 30 1,3720 to 1,3750. “
Source: Fx Street
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