The Canadian dollar (CAD) is quoted slightly down against the US dollar (USD) while working well in front of the majority of the G10 currencies, its yield is protected by the relationship of the Canadian dollar with oil prices, says Shaun Osborne, head of Scotiabank FX.
The foundations are still favorable
“Cad/crude oil correlation is historically positive and oil prices represent a reliable support source for the Canadian dollar. The foundations of the CAD have improved significantly this week, since the remarkable improvement in the perspectives of the relative policy of the central banks has been reinforced by significant profits in oil prices.”
“Our FV estimate for USD/CAD has fallen to a new local minimum, and is currently in 1,3613, reflecting the reduction of performance differential Kananaskis, Alberta, from June 15 to 17. “
“The technicians remain bassists, and the USD/CAD briefly pushed below 1.36 before their modest recovery driven by the feeling. However, the profits have been minimal, and we would anticipate a short -term resistance closer to 1,3680. We noticed that the RSI remains quite bear Before the minimum of September in 1,3420.
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.
