External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>The recent strength in the CAD has been notable and we’ve been encouraged by the CAD bullish break of the trading range that had been in place since late last year.</li><li>We adjusted our CAD forecasts lower (weaker) in response to the initial tariff news.</li><li>But we have been somewhat reluctantly bearish on the CAD, owing to extended policy rate differentials and fundamental (purchasing power parity) valuations that looked stretched from a historical perspective. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The recent strength in the CAD has been notable and we’ve been encouraged by the CAD bullish break of the trading range that had been in place since late last year.We adjusted our CAD forecasts lower (weaker) in response to the initial tariff news.But we have been somewhat reluctantly bearish on the CAD, owing to extended policy rate differentials and fundamental (purchasing power parity) valuations that looked stretched from a historical perspective. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Snapshot - Shifting Views Suggest a New (Lower) Trading Range for USDCAD

<ul><li>The aggregate speculative bearish USD position more than doubled in the week ended April 15, widening nearly $6bn to a net short $10.1bn.</li><li>The bulk of this week’s adjustments were observed in the JPY and CAD, with positive improvements in EUR also contributing to the USD’s (sentiment) losses (table below, p1).</li><li>Digging deeper, Real Money (instutional) investors continue to represent the bulk of the bearish USD position.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The aggregate speculative bearish USD position more than doubled in the week ended April 15, widening nearly $6bn to a net short $10.1bn.The bulk of this week’s adjustments were observed in the JPY and CAD, with positive improvements in EUR also contributing to the USD’s (sentiment) losses (table below, p1).Digging deeper, Real Money (instutional) investors continue to represent the bulk of the bearish USD position.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CFTC - CAD Bears Vulnerable to Short Squeeze As JPY Bulls Build On Large Longs

<ul><li>Our note from February 19th suggested that we were perhaps “passing through the eye of the tariff storm” at that point as markets reacted relatively calmly to the torrent of tariff threats from the White House.</li><li>Developments over the past 24 hours suggest that the next wave of tariff uncertainty is breaking over markets.</li><li>I, like many other I suspect, had felt that the levying of 25% tariffs was highly unlikely. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our note from February 19th suggested that we were perhaps “passing through the eye of the tariff storm” at that point as markets reacted relatively calmly to the torrent of tariff threats from the White House.Developments over the past 24 hours suggest that the next wave of tariff uncertainty is breaking over markets.I, like many other I suspect, had felt that the levying of 25% tariffs was highly unlikely. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Snapshot - Tariff Pile On to Keep the CAD Under Pressure

<ul><li>Markets are perhaps passing through the eye of the tariff storm.</li><li>After the first round of tariff threats leveled at Canada, Mexico and China over border and drug issues, President Trump’s tariff net has been cast wider to threaten, steel and aluminum, reciprocal tariffs on the US’ trading partners and, yesterday, the promise of 25% tariffs on (all?) autos, drugs and computer chip imports.</li><li>Markets have, perhaps become somewhat hardened to the president’s near constant threats of tariffs which are either delayed (as in the case of Canada and Mexico) or fail to appear without much explanation (as in the case of reciprocal tariffs).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Markets are perhaps passing through the eye of the tariff storm.After the first round of tariff threats leveled at Canada, Mexico and China over border and drug issues, President Trump’s tariff net has been cast wider to threaten, steel and aluminum, reciprocal tariffs on the US’ trading partners and, yesterday, the promise of 25% tariffs on (all?) autos, drugs and computer chip imports.Markets have, perhaps become somewhat hardened to the president’s near constant threats of tariffs which are either delayed (as in the case of Canada and Mexico) or fail to appear without much explanation (as in the case of reciprocal tariffs).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Snapshot - CAD Volatility Slips, Spot May Settle into Range

<ul><li>Markets convulsions in response to President Trump unleashing the first salvoes of what looks to be the start of significant global trade war confirm fears that another hugely disruptive period of trade friction and uncertainty is descending on markets.</li><li>FX volatility has jumped, the USD is strong—but off earlier peaks—and stocks are down sharply after brushing up close to recent (record) highs last week.</li><li>The CAD’s rebound from the overnight low near 1.48 suggests a degree of resilience in the currency to the tariff onslaught.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Markets convulsions in response to President Trump unleashing the first salvoes of what looks to be the start of significant global trade war confirm fears that another hugely disruptive period of trade friction and uncertainty is descending on markets.FX volatility has jumped, the USD is strong—but off earlier peaks—and stocks are down sharply after brushing up close to recent (record) highs last week.The CAD’s rebound from the overnight low near 1.48 suggests a degree of resilience in the currency to the tariff onslaught.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Snapshot - CAD Steadies, For Now, Amid Tariff Uncertainty

Canada

The Canadian dollar is the official currency of Canada. 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CAD (USDCAD CURNCY)

FX Snapshot - Shifting Views Suggest a New (Lower) Trading Range for USDCAD

The recent strength in the CAD has been notable and we’ve been encouraged by the CAD bullish break of the trading range that had been in place...

Scotiabank

CFTC - CAD Bears Vulnerable to Short Squeeze As JPY Bulls Build On Large Longs

The aggregate speculative bearish USD position more than doubled in the week ended April 15, widening nearly $6bn to a net short $10.1bn.

Scotiabank

FX Snapshot - Tariff Pile On to Keep the CAD Under Pressure

I, like many other I suspect, had felt that the levying of 25% tariffs was highly unlikely. Or, if it came to 25% tariffs, they would not be in...

Scotiabank

FX Snapshot - CAD Volatility Slips, Spot May Settle into Range

After the first round of tariff threats leveled at Canada, Mexico and China over border and drug issues, President Trump’s tariff net has been cast...

Scotiabank

FX Snapshot - CAD Steadies, For Now, Amid Tariff Uncertainty

FX volatility has jumped, the USD is strong—but off earlier peaks—and stocks are down sharply after brushing up close to recent (record) highs last...

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)