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Reading: USD/CAD: Scotiabank Predicts USD Decline to Continue Below 1.3450/55
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Gulf Press > Business > Forex > USD/CAD: Scotiabank Predicts USD Decline to Continue Below 1.3450/55
Forex

USD/CAD: Scotiabank Predicts USD Decline to Continue Below 1.3450/55

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Last updated: 2024/08/31 at 4:20 AM
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The Canadian dollar (CAD) is showing a slight increase in trading activity, as risk assets are being favored in the market. Shaun Osborne, Chief FX Strategist at Scotiabank, highlights that the CAD is benefiting from the bid for risk assets on the day. Despite this, the gains in CAD are slightly above fair value, which may limit further strength in the currency.

As June comes to a close, the Canadian GDP is expected to have a marginal increase of 0.1%. Additionally, the GDP for the second quarter is anticipated to show growth of 1.8%, slightly higher than the 1.7% growth seen in the first quarter. Some GDP-tracking models even suggest that growth could be closer to 2%. These positive economic indicators are providing some broader support for the CAD.

The current market conditions show that the CAD is in a consolidation phase, neither significantly increasing nor decreasing in value. While the currency has rebounded from earlier lows, it has not shown any strong signs of reversing recent losses. Overnight trading activity indicates a slight weakening in the USD from the 1.3490 levels. There is a possibility of a bear flag formation, implying that the USD may continue to decline below the support level of 1.3450/55.

Overall, the CAD is holding its ground as investors await the June and Q2 GDP data. The currency’s value is slightly above fair value, which may prevent it from experiencing any significant appreciation in the near term. Positive economic growth expectations for Canada provide a solid foundation for the CAD, despite the current consolidation phase in the market.

In the coming days, market participants will closely monitor economic data releases to assess the true strength of the CAD. Any positive surprises in the GDP figures could potentially drive further gains for the currency. However, the current consolidation phase and the potential bear flag formation suggest that the USD may continue to weaken against the CAD in the short term.

With the CAD showing some resilience in the face of market uncertainties, investors are cautiously optimistic about the currency’s near-term performance. As economic data continues to shape market sentiment, the CAD’s value could see some fluctuations in the coming sessions. Overall, the CAD’s performance will be closely tied to economic indicators and market dynamics in the weeks ahead.

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News Room August 31, 2024
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