CAD: Extending its advance – BBH

By FXStreet Research Team at BBH, notes that the Canadian dollar shrugged off the widening of the US 2-year premium and a poor employment report to extend its advance.

Key Quotes

“Since the US dollar’s multiyear high was set on January 29, it has fallen by 10.5%. The recovery in oil prices, and the risk appetite more broadly, coupled with ideas that fiscal stimulus will reduce the chances of additional monetary support.

The implied yield of the June BA futures is at its highest level since last June, as unwinding rate cut expectations continued last week. The US dollar has approached a two-year uptrend line that comes in near CAD1.3140. A break signals an immediate move toward CAD1.30, and then may CAD1.27.”
For more information, read our latest forex news. …read more

Source:: FX Street