Created
: 2024.10.30
2024.10.30 21:04
Near-term prospects for the Canadian Dollar (CAD) are little changed, Scotiabank's Chief FX Strategist Shaun Osborne notes.
"Wide yield/swap spreads are the major drag on the CAD at the moment. The CAD has been pummeled by the prospect of more BoC easing ahead while the Fed drags its feet over lowering rates."
"Swaps spreads have narrowed a fraction on the day so far, which may help the CAD steady, but the CAD is unlikely to pick up much ground ahead of the US presidential vote. The election outcome risks accentuating pressure on the CAD if a Trump win boosts inflation worries in the US. USDCAD's estimated fair value this morning is little changed at 1.3931."
"The bull trend in the USD remains very, very stretched in technical terms. Intraday price action suggests some stabilization in the USD so far, with spot's trading range holding within yesterday's. An inside range day (if confirmed through the close) would signal a pause at least in the USD's rise ahead of major resistance at 1.3945/50. Support intraday is 1.3895 and 1.3860."
Created
: 2024.10.30
Last updated
: 2024.10.30
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy