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Canadian Dollar Holds Steady at 5-Month High

2024-08-28

EBC Forex Snapshot, 28 Aug 2024


The US dollar held near its lowest level in more than a year on Wednesday. Overall moves in the forex market were muted as traders awaited fresh hints on the state of the world's largest economy.


The canadian dollar steadied around a five-month high, helped by recent broad-based selling of the greenback and ahead of domestic GDP data this week that could guide bets on BOC rate cuts.

USDCAD

But bearish views about the outlook for petroleum prices could put a lid on its further gains. Fund managers reverting to selling oil futures and options last week after the short-covering rally ran out of momentum.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 19 Aug) HSBC (as of 28 Aug)

support resistance support resistance
EUR/USD 1.0796 1.1068 1.0976 1.1296
GBP/USD 1.2673 1.2946 1.2856 1.3460
USD/CHF 0.8333 0.8827 0.8299 0.8640
AUD/USD 0.6363 0.6799 0.6599 0.6892
USD/CAD 1.3597 1.3946 1.3330 1.3657
USD/JPY 145.89 150.00 141.79 147.75

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.