USD/CAD: Weak risk appetite seems to be the biggest headwind for the Loonie at the moment – Scotiabank

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10 August 2023

USD/CAD: Weak risk appetite seems to be the biggest headwind for the Loonie at the moment – Scotiabank

CAD holds little changed. Economists at Scotiabank analyze Loonie’s outlook.

CAD strays further from fair value

Weak risk appetite seems to be the biggest headwind for the CAD at the moment (although broader stock gains today are not providing the CAD with any obvious support), with firmer crude oil in recent weeks largely washing over the CAD and short-term spreads holding little changed.

The situation leaves the CAD straying even further from fair value (1.3108), with little sign that negative CAD sentiment will improve any time soon.

Australian Dollar rebounds on the back of feel-good Disney earnings

GBP/USD: Resistance is 1.2785/1.2795, with the 40-DMA just above at 1.2815 – Scotiabank

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