The Canadian Dollar (CAD) is barely changed over the weekend, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
USD wobbles around 1.35
“Trading so far today leaves spot more or less exactly where it was late Friday, with spot holding a 20 pip range through quiet European trade. Somewhat narrower short-term rate spreads, firmer crude and positive equity markets are factors in keeping the CAD tone positive. USD/CAD fair value has shifted lower to 1.3530 today.”
“With USD losses stretching under retracement support in the mid/upper 1.35s, spot looks to have a date with major trend/ retracement support at 1.3475 in the next week or two. USD/CAD rebounds from here may not be able to make it much above 1.3575/1.3625 for now.”
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