Holds little change around 1.35 in quiet trade – Scotiabank

The Canadian dollar (CAD) is barely changing over the weekend, notes Shaun Osborne, chief FX strategist at Scotiabank.

USD is hovering around 1.35

“Trading so far today leaves the spot more or less exactly where it was on Friday night, with the spot holding a 20-pip range through quiet European trade. Somewhat tighter short-term interest margin, firmer crude and positive equity markets are factors keeping the CAD tone positive. The USD/CAD fair value fell to 1.3530 today.”

“With the USD’s losses extending below the mid/upper 1.35s retracement support, the spot looks set for a major trend/retracement support date at 1.3475 in the next week or two. USD/CAD recoveries from here may not be able to go much above 1.3575/1.3625 for now.”