In view of FX Strategists at Scotiabank, the pair still aims south despite the recent loss of downside momentum below the 1.2800 handle. Key Quotes “The market tone appears set to dominate as there are no major domestic releases scheduled ahead of Friday’s trade and employment data. Domestic oil prices remain weak, despite fresh highs in both Brent and WTI. CAD is trading well above levels implied by our FV estimate (1.3117) using yield spreads and Canada’s terms of trade and we remain somewhat cautious given its impressive near-2.5% rally over the past four sessions. Measures of sentiment appear to be stabilizing and short-term risk reversals are close to neutral, reflecting no premium for protection against CAD weakness. The premium for protection against longer-term CAD weakness remains elevated”. “Momentum indicators are bearish and directional indicators are confirming however USDCAD appears to have struggled to sustain its recent decline below 1.2800. We continue to highlight the importance of the midpoint of the range from September 2017 at 1.2724 and look to resistance in the mid/upper-1.28s around the 200 day MA (1.2870) and the 38.2% retracement (1.2880) of the September 2017-June 2018 rally”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD trades near 3-week lows below 0.66 ahead of GDT auction FX Street 4 years In view of FX Strategists at Scotiabank, the pair still aims south despite the recent loss of downside momentum below the 1.2800 handle. Key Quotes "The market tone appears set to dominate as there are no major domestic releases scheduled ahead of Friday's trade and employment data. Domestic oil prices remain weak, despite fresh highs in both Brent and WTI. CAD is trading well above levels implied by our FV estimate (1.3117) using yield spreads and Canada's terms of trade and we remain somewhat cautious given its impressive near-2.5% rally over the past four sessions. Measures of sentiment appear to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
