USD – The dollar strengthened across the board on Tuesday as Treasury yields climbed and worries over a further acceleration in global inflation depressed investor’s risk appetite.
However, Scotia Bank cautions, “the USD is unlikely to rally significantly and (they) still consider price action to reflect the early stages of a broader reversal in the recent USD bull trend.”
CAD – The Canadian dollar strengthened to its highest level in nearly six weeks on Tuesday, boosted by recent strength in oil prices and GDP data that showed the economy had momentum heading the second quarter of the year.
However, Scotia Bank cautions, “the USD is unlikely to rally significantly and (they) still consider price action to reflect the early stages of a broader reversal in the recent USD bull trend.”
CAD – The Canadian dollar strengthened to its highest level in nearly six weeks on Tuesday, boosted by recent strength in oil prices and GDP data that showed the economy had momentum heading the second quarter of the year.