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Canadian Dollar Tipped For Potential Slide Vs Pound, Euro And US Dollar Say Scotiabank
The Canadian Dollar could be tipped to see further losses against the Pound Sterling (GBP), Euro (EUR) and the US Dollar (USD) according to analysts at Scotiabank. In their recent outlook, a pronounced strength has been noted in the short-term USD/CAD exchange rate chart. "USDCAD advanced strongly over the past few sessions, reversing what had looked (to me) a mildly USD-negative tone as funds pressured the 200-day MA," says Shaun Osborne, Chief FX Strategist at Scotiabank. This comes despite the charts highlighting overbought conditions for the US Dollar. "On the other hand, the USD is overbought on the intraday ... (full story)