CAD little changed on the day – Scotiabank

FXStreet Insights Team FXStreet

The Canadian Dollar (CAD) is all but unchanged in quiet trade on Tuesday, Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD/CAD losses are consolidating

"It may be too soon for the Bank of Canada to have a clear line of sight on risks around the outlook to cut rates Wednesday. Swaps are pricing in around 8-9bps of easing risk at the moment. Our fair value estimate for spot has eased a little to 1.3921 this morning. USD/CAD losses are consolidating. "

"The broader tone in USD/CAD price action remains soft but spot has found some support in the mid1.38 zone in the past 24 hours which may mark a pause in the USD’s recent losses. Intraday patterns do reflect better selling interest in the low 1.39s through, underscoring the fact that scope for USD gains is likely limited at the moment, given the bearish alignment of trend strength oscillators."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold sticks to intraday losses; lacks follow-through

Gold remains depressed through the early European session on Monday, though it has managed to rebound from the daily trough and currently trades around the $5,000 psychological mark. Moreover, a combination of supporting factors warrants some caution for aggressive bearish traders, and before positioning for deeper losses.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.