The Canadian Greenback (CAD) continues to pivot across the mid-1.39 level as buyers await indicators on how US/Canada commerce relations are going to evolve and the influence that can have on Canada’s home prospects, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Momentum is fairly week on the intraday and each day charts
“Rapid focus immediately falls on immediately on the April CPI report (the road and Scotia anticipate a 0.2% M/M decline in headline costs). Inflation is predicted to fall sharply in Y/Y phrases—to 1.6%, from March’s 2.3%. Core measures of inflation are forecast to stay unchanged from March, nonetheless, at 2.9% (Median) and a couple of.8% (for the Trim measure).”
“Spot is holding a comparatively tight vary just below the 1.40 level (200-day MA at 1.4024) because the market consolidates the nudge larger within the USD from 1.38 final week. Momentum is fairly week on the intraday and each day charts, which suggests extra, broad vary buying and selling within the quick run between 1.38/1.40. Intraday help is 1.3910/15.”
