Created
: 2024.11.01
2024.11.01 20:40
The Canadian Dollar (CAD) is unchanged on the session, holding in the low 1.39 area just below yesterday's high which marked a virtual pinpoint retest of the August spot peak, Scotiabank's Chief FX Strategist Shaun Osborne notes.
"Back then, the USD closed well off the high and down on the session. Now, however, the bid for the USD remains persistent. Bargain hunters are treading lightly around the CAD at these levels, given the risk of post-election volatility in the USD. Fundamental factors which have helped drive the CAD lower in the past few weeks do appear to be steadying."
"The CAD's fair value estimate is unchanged again today at 1.3932, suggesting some (very minor) relief from bearish pressure for now. Neutral because major resistance at 1.3945/50 did hold yesterday but bullish because the USD closed out the day firmly and remains well-supported on minor dips."
"USD gains remain very, very stretched on the daily chart and all else equal, I would probably be inclined to expect the USD to ease somewhat from a technical perspective from here. But the risk of heightened volatility in the next few days can't be overlooked. Support is 1.3880 and 1.3750."
Created
: 2024.11.01
Last updated
: 2024.11.01
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