The Canadian Dollar (CAD) has slipped a little so far today after grinding higher through 1.3450 yesterday, Scotiabank's Chief FX Strategist Shaun Osborne notes.
CAD edges off highs but holds in upper 1.34s
“CAD losses are limited in the grander scheme of things though and the solid gains in the CAD through August so far is surely putting the squeeze on the aggressive buildup of CAD short positioning that developed through the middle of the year—just as the CAD troughed.”
“Spot continues to trade a little below our estimated fair value equilibrium of 1.3521, which may constrain CAD short-covering gains somewhat. There are no Canadian data reports today. Q2 Current Account data is out tomorrow and June/Q2 GDP is updated on Friday. Steady spot gains on the session so far may develop a little more traction above 1.3470/75 resistance on the day to regain 1.35 .”
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.
Hot
No comment on record. Start new comment.