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1 Apr 2015
USD/CAD might trade range-bound – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that short-term technicals warn of a range-bound environment for USD/CAD.
Key Quotes
“CAD is flat to yesterday’s close having traded in a relatively tight trading range during the Asian and European sessions.”
“Yesterday’s January GDP, falling –0.1%m/m and gaining +2.4%y/y, points to a soft start to the year, however it was slightly better than expected, which helped to support CAD during the NA session.”
“Today, the market will look to Markit’s PMI as well as developments in oil markets, including Yemen, nuclear negotiations with Iran and U.S. inventories (expected to show another build).”
“USDCAD short‐term technicals: mixed warning of a range bound environment. Near‐term support lies at the 50‐day moving average of 1.2554 with resistance at the recent high of 1.2784.”
Key Quotes
“CAD is flat to yesterday’s close having traded in a relatively tight trading range during the Asian and European sessions.”
“Yesterday’s January GDP, falling –0.1%m/m and gaining +2.4%y/y, points to a soft start to the year, however it was slightly better than expected, which helped to support CAD during the NA session.”
“Today, the market will look to Markit’s PMI as well as developments in oil markets, including Yemen, nuclear negotiations with Iran and U.S. inventories (expected to show another build).”
“USDCAD short‐term technicals: mixed warning of a range bound environment. Near‐term support lies at the 50‐day moving average of 1.2554 with resistance at the recent high of 1.2784.”