1.388
Today
+0.21%
5 Days
+0.28%
1 Month
-0.99%
6 Months
+1.75%
Year to Date
+1.15%
1 Year
+1.06%
Opening Price
1.385Previous Closing Price
1.385TD Securities highlights asymmetric upside risk in USD/CAD as US–Canada trade tensions escalate.
The US Dollar (USD) trades slightly higher to near 1.3863 against the Canadian Dollar (CAD) during the European trading session on Tuesday. The Loonie pair remains broadly as ongoing trade tensions between the United States (US) and Canada have put the Canadian Dollar under pressure.
The USD/CAD pair is hovering around mid-1.3800s during the Asian session on Tuesday, though the lack of follow-through selling warrants caution before positioning for an extension of the previous day's retracement slide from an over two-week top.
USD/CAD falls 0.24% on Monday and trades around 1.3870 at the time of writing, after reaching its highest level in more than two weeks earlier. The pair comes under pressure from both a stronger Canadian Dollar (CAD), supported by rising Oil prices, and a modest pullback in the US Dollar (USD).
Scotiabank strategists Shaun Osborne and Eric Theoret observe that the Canadian Dollar (CAD) is little changed, with USD/CAD trading around their fundamental equilibrium estimate near 1.3920.
National Bank of Canada's (NBC) Taylor Schleich and Ethan Currie expect the Bank of Canada (BoC) to keep its overnight rate at 2.25% and maintain current balance sheet policy.
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The downside prevails as long as 1.3888 is resistance, with 1.3832 and 1.3817 as targets
above 1.3888, look for 1.3913 and 1.3928.
The downside prevails as long as 1.3888 is resistance, with 1.3832 and 1.3817 as targets
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