Monday, January 25, 2021 7:08 AM EDT
The US dollar initially extended its pre-weekend gains against the Canadian dollar and rose to a little through CAD1.2735 before sellers emerged (FXC). Still, the greenback has not been able to distance itself from the CAD1.27-level, where an option for about $600 mln expires today. Initial support is seen near CAD1.2680. A break of CAD1.2650 signals a re-test on the CAD1.2600 area briefly seen last week for the first time since April 2018. Similarly, the greenback tested MXN20.00 at the end of last week and early today before slipping lower. Support near MXN19.85 has been tested. A break of the MXN19.72-MXN19.77 band would likely signal another run at MXN19.55.
Read more by Marc on his site Marc to Market.
Disclaimer: Opinions expressed are solely of the author’s, based on current ...
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Read more by Marc on his site Marc to Market.
Disclaimer: Opinions expressed are solely of the author’s, based on current market conditions, and are subject to change without notice. These opinions are not intended to predict or guarantee the future performance of any currencies or markets. This material is for informational purposes only and should not be construed as research or as investment, legal or tax advice, nor should it be considered information sufficient upon which to base an investment decision. Further, this communication should not be deemed as a recommendation to invest or not to invest in any country or to undertake any specific position or transaction in any currency.
There are risks associated with foreign currency investing, including but not limited to the use of leverage, which may accelerate the velocity of potential losses. Foreign currencies are subject to rapid price fluctuations due to adverse political, social and economic developments. These risks are greater for currencies in emerging markets than for those in more developed countries. Foreign currency transactions may not be suitable for all investors, depending on their financial sophistication and investment objectives. You should seek the services of an appropriate professional in connection with such matters.
The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete in its accuracy and cannot be guaranteed.
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