The Canadian dollar (CAD) is slightly weaker in the session, but it remains better than its main currency peers against the widest rebound of the USD, says Shaun Osborne, head of Strategy of FX of Scotiabank.
CAD maintains the consolidation range
“The spot remains essentially within the range while investors expect the result of federal elections and evaluate what the result can mean for the Canada’s approach to commercial negotiations with the USA. February retail sales are expected to fall 0.4% in the month, in line with the preliminary data published together with the January (weak) report.”
“Remember that sales increased strongly at the end of last year due to the partial tax holidays of the Government, advancing the activity to some extent. Concerns about tariffs also weighed in the minds of buyers. The spot remains in mode of consolidation.”
“The impulse of the short -term bassist trend has faded, leaving the USD/CAD floating between the support around 1,3785/90 of more extensive tendency suggest that the USD still faces winds against quite significant.
Source: Fx Street
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