The Canadian dollar (CAD) has barely changed in the day while the spot continues to consolidate. The developments during the night have not had a real impact on the feeling of the CAD, but, on the margin, the hope (no matter how futile it seems at this time) that commercial tensions will be relieved, the least volatility and the strongest actions are moderate positive for the CAD, says Shaun Osborne, Head of Strategy of FX of Scotiabank.
The flat negotiation range remains intact
“The developments should at least sustain the favorable trend to CAD in the factors that drive the body that has recently arisen. Our estimation of fair value for the spot is at 1,3855 today – approximately in the middle of what we think will be the negotiation range of the spot (1.37/1.40 more or less) in the short term.”
“The flat negotiation range that has been in force during the last sessions remains intact and ‘bassist’ because the widest trend in the spot remains downward, supported by a bassing alignment of trend oscillators that suggests a limited potential for the USD to strengthen and a continuous pressure on the spot to pushing down on the days/weeks to come.”
“The Support/Resistance in the short term is 1,3780/90 and the resistance is 1,3865/75. The major (recoil) support is 1,3745. The resistance is 1,3975/1,40025.”
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.
