The Canadian Dollar (CAD) is maintaining its position against the US Dollar (USD) at around 1.37, with slight improvements. The current market conditions, including increased risk appetite and stronger stock market trends, are supporting the CAD. However, recent fluctuations in crude oil prices could impact CAD gains in the short term, according to Scotiabank’s chief FX strategist Shaun Osborne.
Potential for CAD to Rise Above 1.3725
Despite some challenges, Osborne believes that the CAD has the potential to rise above 1.3725 against the USD. While Wholesale Sales are expected to decline in June, the CAD’s technical progress against the USD remains positive. The recent breakthrough under USD support at 1.3725 indicates a possible shift in tone for USD/CAD, with resistance levels at 1.3725 and 1.3765/75.
Overall, the CAD is showing signs of resilience against the USD, with the potential for further gains in the near future. However, fluctuations in market trends and economic indicators could impact the CAD’s performance in the coming weeks.
Analysis: The Canadian Dollar (CAD) is currently holding its ground against the US Dollar (USD) at around 1.37, with potential for further gains in the near future. Improved market trends and risk appetite are supporting the CAD, but fluctuations in crude oil prices could impact its performance. Investors should keep an eye on Wholesale Sales data and technical indicators to assess the CAD’s future movements and adjust their investment strategies accordingly.