Positive Lean CAD Charts – Scotiabank

The Canadian dollar (CAD) underperformed in the session, in line with its commodity peers, which all held minor gains against a generally firmer USD, notes Shaun Osborne, chief FX strategist at Scotiabank.

Constant CAD, stays in the mid 1.35 seconds

“European stocks are mixed, while US stock futures are slightly firmer in the session and while crude oil is slightly higher amid tensions in the Middle East. Metals are mostly smaller. The AUD and NZD may have found support from renewed hope that China could provide more support to the economy following news that top PBoC officials will hold a press conference on financial support for economic development tomorrow. “

“USDCAD rushes are positive for CAD. Resistance in the mid-1.36 area capped USD gains last week, and Thursday’s USD decline marked a large session outside the range on the daily chart. A lower close for the week also formed a bearish out-of-range week. These developments should mean limited upside potential for the USD from here (1.36s low/mid) and put more pressure on supports at 1.3530 and 1.3450.”