The Canadian Greenback (CAD) is tender, buying and selling marginally decrease from Tuesday’s multi-month restoration excessive, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Close to-term resistance lies above 1.3880
“The assembly between President Trump and PM Carney provided a constructive tone however no indications of an easing in commerce tensions as President Trump acknowledged that there was nothing that PM Carney might say that might persuade him to elevate the tariffs.”
“Essentially, the CAD continues to commerce simply above its FV (USD/CAD spot buying and selling beneath FV at 1.3824). Domestically, the following main threat occasion is the discharge of employment knowledge (April) on Friday. The Financial institution of Canada additionally releases its Monetary Stability Report on Thursday.”
“USD/CAD’s development stays bearish because it extends its descending channel from mid-April. The slowing in momentum is notable and is delivering constructive divergence, with the RSI failing to verify Tuesday’s recent multimonth low in spot. We glance to recent assist round 1.3720 and see near-term resistance above 1.3880.”
