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13 Aug 2024

USD/CAD: Short-term momentum remains USD bearish – Scotiabank

The Canadian Dollar (CAD) is little changed and continues to hold its established range, Shaun Osborne chief FX strategist notes.

Spot continues to hold around support in the low 1.37s

“Solid gains in crude are giving Canadian terms of trade a boost which should be a modest positive for the currency at least—and help keep USDCAD’s fair value estimate tracking slightly lower (to 1.3650 by our estimate this morning).”

“Whether the CAD can take advantage remains to be seen, with external drivers (the broader USD tone, risk appetite) remaining important influences on spot trends and sentiment for now. Positioning (IMM data reflect a still very large net short CAD position) remains a potential positive for the CAD.”

“Spot continues to hold around support (retracement, 40-day MA) in the low 1.37s. While short-term momentum remains USD bearish, the CAD’s failure to make more progress (towards 1.3675) might start to weigh against a further drop in spot in the short run. Resistance is 1.3765/75.”

Aug 13, 2024

NZD: Better safe than sorry – Commerzbank

The Reserve Bank of New Zealand will decide on its key interest rate tonight or, more precisely, early Wednesday morning.
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Aug 13, 2024

Oil defies bearish OPEC outlook and focuses on $80

Oil continues is winning streak for a fifth consecutive trading session after prices jumped substantially on Monday despite the bearish demand outlook from OPEC.
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