He USD/CAD up modestly in fairly quiet month-end trading so far. The economists of Scotiabank They analyze the pair's prospects.
USD maintains clear advantage over CAD
Rebalancing flows from passive hedges may slightly support the CAD, but the sharp widening of US-Canada spreads during the second half of the month remains a drag on the overall CAD outlook.
The USD maintains a clear lead over the CAD from a broader perspective, with Wednesday's gains marginally extending the spot's new year bull run.
However, the small range inside (within Wednesday's range) today suggests some reluctance to continue going up and a lack of momentum behind the move.
Resistance is at 1.3610/1.3620. Support is seen at 1.3540/1.3550.
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.
