The CAD rises. Shaun Osbornechief currency strategist at Scotiabank, discusses the outlook for the CAD.
Intraday patterns tilt slightly lower for USD
Overall, the CAD still looks relatively “cheap” to me at the lower end of its recent trading range against the USD, but the risk backdrop is likely to keep it trading on the defensive at least in the near term.
The USD’s drop from Thursday’s intraday high to end the session unchanged formed a bearish “doji” candle on the daily chart, but USD’s losses have been mild and CAD really needs to rally a little more today to have a chance. to improve.
Intraday patterns are slightly negative for the USD, but the USD remains above the short-term support (1.3635), which could unlock some more CAD strength.
Resistance at 1.3725/1.3735.
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.
