USD/CAD: Charts lean CAD-positive – Scotiabank
The Canadian Dollar (CAD) is a mild out-performer on the session, in line with its commodity peers, which are all holding minor gains against a generally firmer USD, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
CAD steady, holds in mid-1.35s
“European stocks are mixed while US equity futures are slightly firmer on the session and while crude oil is a little higher amid tensions in the Middle East. Metals are mostly lower. The AUD and NZD may have found some support from renewed hope that China may deliver more support for the economy after news that top PBoC officials will hold a news conference tomorrow on financial support for economic development. “
“The USDCAD charts are leaning CAD-positive. Resistance in the mid-1.36 area capped USD gains last week and Thursday’s USD fall marked a big, bearish outside range session on the daily chart. A low close on the week also formed a bearish outside range week. These developments should mean limited upside potential for the USD from here (low/mid-1.36s) and put more pressure on supports at 1.3530 and 1.3450.”