Canadian Dollar: Sideways against USD as valuation stretched – Scotiabank
The post Canadian Dollar: Sideways against USD as valuation stretched – Scotiabank appeared on BitcoinEthereumNews.com. Scotiabank strategists Shaun Osborne and Eric Theoret note USD/CAD is steady around 1.3695, with the Canadian Dollar (CAD) seen as cheap versus a fair value estimate near 1.3510. They highlight slightly wider front-end spreads in favour of the US Dollar (USD) but argues stretched USD valuation should limit further gains. Short-term technicals show resistance near 1.3720 and support around 1.3640/45 and 1.3550/75. Canadian Dollar seen as undervalued “The CAD is little changed against the USD as spot continues to hold within recent ranges. A bounce in risk appetite constitutes a minor plus for the CAD on the session with little else to focus on.” “Factors driving the CAD have drifted a little over the past week—front-end spreads have widened a little in the USD’s favour—but the CAD remains “cheap” relative to our fair value assessment (1.3510 today) still. The USD’s som