USD/CAD: BEARS PUSH TOWARDS 1.3725 – SCOTIABANK
The Canadian Dollar (CAD) has made a bit more progress overnight to reflect the bid for risk assets amid calmer market conditions, Scotiabank’s chief FX strategist Shaun Osborne notes.
A break below 1.3725 is possible
“My fair value estimate continues to track a little lower than spot (1.3723) this morning, suggesting that there is some additional scope for the CAD to improve. For now, however, it is important to keep in mind that the primary driver of the CAD’s performance is the risk backdrop. The BoC releases the summary of its July policy decision discussion at 13.30ET.
“The report is unlikely to have any major impact on the CAD unless there are signs that the CAD’s recent slide registered any sort of concern for policymakers.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.