The loonie is falling against the dollar, but still holding the recent range. In the view of Scotiabank economists, the backdrop remains positive for the loonie (CAD).
Key statements:
“The weakness of the CAD seems somewhat excessive in relation to the modest losses of crude oil and the still very favorable spreads.”
“The USD may remain relatively high ahead of the FOMC, but fundamental support for the CAD remains strong, in our opinion, and we are still rather in favor of looking for weakness following modest gains in the USD.”
“Price action remains very modest upward, but the trading pattern on the daytime chart suggests a brief pause in the overall USD decline before another bearish leg (bearish flag formation).”
“Resistance is at 1.2440 / 45. Support at 1.2315.”
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