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The Canadian Dollar (CAD) is a little softer on the session, pulled lower by wider US/ Canada short-term spreads. No minor lift from positive risk sentiment for the CAD this morning, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
💡 DMK Insight
The CAD’s softness at this moment is a signal for forex traders to reassess their positions. With ADA currently at $0.55, the lack of support for the CAD amidst widening US/Canada short-term spreads suggests that traders should be cautious. This dynamic could lead to increased volatility in CAD pairs, especially against the USD. If the risk sentiment doesn’t improve, we might see the CAD struggle further, potentially impacting commodities linked to the Canadian economy, like oil. Traders should keep an eye on the 0.54 support level for ADA, as a break below could trigger further selling pressure. Conversely, if the CAD strengthens unexpectedly, it could provide a buying opportunity for ADA against the CAD. Watch for any shifts in US economic data releases that could influence these spreads, as they might offer clues on the CAD’s trajectory in the coming sessions.
📮 Takeaway
Monitor the CAD’s performance against the USD and watch for ADA’s support at $0.54; a break could signal further downside.
