The Canadian Dollar (CAD) is all but unchanged in quiet trade on Tuesday, Scotiabank's Chief FX Strategist Shaun Osborne notes.
USD/CAD losses are consolidating
"It may be too soon for the Bank of Canada to have a clear line of sight on risks around the outlook to cut rates Wednesday. Swaps are pricing in around 8-9bps of easing risk at the moment. Our fair value estimate for spot has eased a little to 1.3921 this morning. USD/CAD losses are consolidating. "
"The broader tone in USD/CAD price action remains soft but spot has found some support in the mid1.38 zone in the past 24 hours which may mark a pause in the USD’s recent losses. Intraday patterns do reflect better selling interest in the low 1.39s through, underscoring the fact that scope for USD gains is likely limited at the moment, given the bearish alignment of trend strength oscillators."
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