The Canadian dollar (CAD) remains little changed in the session so far, reflecting a somewhat mixed trend in the USD in general, says Shaun Osborne, head of FX of Scotiabank.
Little changed body in the session
“Long -term developments are still something positive for CAD. Much of the bad news about tariffs seem to be reflected in the price of the CAD at this time, while the general trend in the USD should translate into some moderate profits in the CAD at least. CFTC data shows that investors have reduced the short net exposure in CAD, but a significant short net still remains.”
“The positioning and the recent profits of the CAD suggest that the short trapped in CAD will seek to get rid of the small rebounds of the USD now and can be forced to close positions if the improvement of the CAD extends, which seems quite possible. The movement of the spot below the area of 1.40 probably indicates the appearance of a new negotiation range of approximately 1.37-1.40, with the floor of that range perhaps perhaps extending to 1.35 as the widest fall of the USD extends.
“The spot fell briefly below 1.38 again today, but, like yesterday, the losses of the USD did not maintain. The short -term patterns suggest that a minor minimum can be developing in the intradic graphics. A thrust above 1,3850 can cause an upward Squeeze in the USD to the low area of 1.39. However, the impulse of the USD/CAD trend is still bassist, with signs aligned in short, medium and long -term studies.
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.
