Soft stocks are helping keep the Canadian Dollar tone defensive but whether weaker equity markets are enough of a justification for driving the CAD significantly lower at the moment remains to be seen, Scotiabank’s FX strategist Shaun Osborne notes.
” “Beyond weak stocks, underlying factors have moved in the CAD’s favour in the past few days, leaving spot trading a big figure above our fair value estimate . That should help constrain the USD’s ability to push higher to some extent but the CAD is unlikely to pick up too much ground while stocks are trading defensively.” “The CAD got clobbered yesterday, driving spot to near the late 1.2023 high just under 1.39.
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