The prognosis for the Canadian dollar against the USD remains weak, in the opinion of NDDFX’s analyst Joseph Trevisani. USD/CAD is sitting at 1.4179.
“Friday’s emergency rate cut from the BoC and its plans to expand its balance sheet, left the overnight interest rate at 0.25%.”
“Technically there is good support for the USD/CAD at 1.3950, 1.3800 and 1.3660 but more importantly the unresolved global health crisis does not play to the loonie’s strengths.”
“As numbers are put to the collapse in GDP around the world crude could sink further and, as been amply demonstrated, risk-aversion is a US dollar specialty.”