CAD drifts back to the 1.44 – Scotiabank

FXStreetJan 17, 2025 2:29 PM

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The Canadian Dollar (CAD) has drifted steadily lower since testing the 1.43 area mid-week. The USD is still trading slightly lower on the week, however, adding to last week’s small net loss despite obvious risks to the CAD, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Spot is back to pivoting around the 1.44 point

"BoC DG Gravelle confirmed that the central bank would end its QT program by the middle of the year, in line with previous guidance and revert to “normal course” asset purchases slowly and well before September."

"In other remarks, Gravelle commented that US/Canada trade tensions risked having a 'big, negative' impact on the Canadian economy via higher inflation and slower growth. He said the BoC will detail more of its analysis on the impact of tariffs with the January 29th policy decision."

"Spot is back to pivoting around the 1.44 point. Short-term patterns lean somewhat bullish after the rejection of the 1.43 zone earlier this week but Monday’s bearish close for the USD and signals suggesting USD gains have stalled (if only temporarily) on the weekly chart should bolster USD resistance around the 1.4465 area. Support is 1.4280/00."

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