Sees best case scenario remains within reach and financial conditions are solid
As Gov. Poloz virtual press conference pushes on, the Gov. is bit more upbeat. He said that he sees a best case scenario remaining within reach, the fiscal response has mitigated the shock and that the policy response will lay the foundation for recovery.
The CAD has strengthened (lower USDCAD) over the last few minutes. The price has moved back below a swing area in the 1.4113 to 1.41198 area. The price has been above that swing area back on May 4 and again on May 6 – 7 in addition to today’s stretch above. However each of those moves failed. Once level for resistance now. Stay below will be more bearish
On the downside, the low today did fine support against the broken 61.8% retracement at 1.40677. It would take a move back below that level, to increase the confidence from the sellers.