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23 Apr 2025

CAD unruffled by overnight swings, holds range – Scotiabank

The Canadian Dollar (CAD) is little changed on the day as spot continues to consolidate. Overnight developments have had no real impact on CAD sentiment but, at the margin, hope (however futile it seems right now) that trade tensions will ease, lower volatility and firmer stocks are moderate positives for the CAD, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The flat trading range remains intact

"Developments should at least sustain the CAD-supportive trend in factors driving the CAD that has emerged recently. Out fair value estimate for spot sits at 1.3855 today—about bang in the middle of what we think will be spot’s trading range (1.37/1.40 or so) in the short run."

"The flat trading range in place over the past few sessions remains intact and 'bearish' because the broader trend in spot remains lower, supported by a bearish alignment of trend oscillators which suggests limited potential for the USD to strengthen and ongoing pressure on spot to push lower in the days/weeks ahead."

"Near-term support/resistance is 1.3780/90 and resistance is 1.3865/75. Major (retracement) support is 1.3745. Resistance is 1.3975/1.40025."

Apr 23, 2025

GBP jostled by sentiment, headline risks – Scotiabank

The Pound Sterling (GBP) weakens and enters Wednesday’s American session with a modest decline, trading in tandem with the Euro (EUR), around the Trump trade/Fed headlines, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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Apr 23, 2025

United States EIA Crude Oil Stocks Change came in at 0.244M, above expectations (-0.7M) in April 18

United States EIA Crude Oil Stocks Change came in at 0.244M, above expectations (-0.7M) in April 18
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