USD/CAD shows some reluctance to push higher – Scotiabank
Source Fxstreet
USD/CAD edges marginally higher in rather quiet, month-end trade so far. Economists at Scotiabank analyze the pair’s outlook.
USD retains a clear advantage over the CAD
Passive hedge rebalancing flows may be mildly CAD-supportive if anything, but the sharp widening in US/Canada spreads over the second half of the month remains a drag on the CAD’s broader outlook.
The USD retains a clear advantage over the CAD from a broader perspective, with Wednesday’s gains extending the new year run higher in spot marginally.
A small, inside range (within Wednesday’s range) today does suggest some reluctance to push higher still, however, and a lack of momentum behind the move.
Resistance is 1.3610/1.3620. Support is 1.3540/1.3550.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.
The broader cryptocurrency market is down $2.45 trillion on Thursday, from $2.54 trillion the previous day, led by Bitcoin’s (BTC) decline below $73,000.
Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.
West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday.
Here is what you need to know on Wednesday, June 3:
Related Instrument
