USD/CAD 43 pips away from downside target...

24 août 2020

Not quite role reversal, but a marked change of fortunes as the Dollar loses post-US PMI momentum and the DXY struggles to maintain 93.000+ status within a 93.016-266 range. Accordingly, the Euro has pared losses and is back above 1.1800, albeit tentatively as 2nd waves of the coronavirus spread across the Eurozone.

Here on dollar-cad, we are still looking for the next new low to form early into this week.

Hope everyone has a great week ahead.

24 août 2020

Note

CAD

The Loonie has slipped to the bottom of the G10 ranks and lost its connection with oil that had been capping Usd/Cad and pushed the pair down through 1.3150 at one stage. However, US-Canadian relations remain strained after the former re-imposed tariffs on certain goods and a WTO panel has subsequently ruled mostly in favour of the latter’s complaint against softwood lumber anti-subsidy duties. Hence, Usd/Cad now probing back above 1.3200.