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Canadian dollar rises 0.2% versus US dollar, traders watch BoC
Scotiabank sets fair value for USD/CAD at 1.4214 and flags support at 1.41 and 1.40 ahead of Bank of Canada speeches.
Scotiabank strategists Shaun Osborne and Eric Theoret said the Canadian dollar is up 0.2% versus the US dollar, but is lagging other G10 currencies amid renewed and broad-based USD weakness.
In USD/CAD, they put fair value at 1.4214, slightly below spot, and point to resistance in the mid-1.42s, where they expect limited upside beyond that area.
The strategists also highlighted nearby support at 1.41 and 1.40, ahead of Bank of Canada speeches, while noting markets still price BoC tightening into year-end despite weak labour data.
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