The Canadian Dollar (CAD) is little changed on the session, leaving spot pressed back up against yesterday’s intraday low around 1.3468, Scotiabank’s Chief FX Strategist Shaun Osborne notes CAD holds gains in upper 1.34s “While factors continue to shift favourably for the CAD in broad terms, spot is trading further below our fair value estimate (1.
The Canadian Dollar is little changed on the session, leaving spot pressed back up against yesterday’s intraday low around 1.3468, Scotiabank’s Chief FX Strategist Shaun Osborne notes CAD holds gains in upper 1.34s “While factors continue to shift favourably for the CAD in broad terms, spot is trading further below our fair value estimate today. General USD weakness accounts for some of the discrepancy but position adjustment is also a likely driver of the CAD’s buoyancy at the moment.
” “Friday’s CFTC data reflected only a mild reduction in the recent build-up of CAD shorting activity in the week through last Tuesday. Spot retains a weak technical undertone. “Steady losses over the past four weeks have pushed the USD back to 1.3475 retracement support and trend strength oscillators are aligned bearishly across the intraday, daily and weekly studies. This tilts risks towards more USD weakness and suggests limited scope for USD rebounds.
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