USD/CAD A sustained push under 1.3415 implies downside potential to the high 1.3200s/1.3300 area – Scotiabank
Source Fxstreet
USD/CAD tests 1.3400. Economists at Scotiabank analyze the pair’s outlook.
Resistance is 1.3425/1.3450
Losses have made a so far limited break under 1.3415 support – the neckline trigger of the 1.3540 double top that has developed over the past couple of weeks.
Bearish momentum is developing strongly on the intraday chart but there is little in terms of supporting data from the longer run DMI oscillators at this point.
A ‘false break’ is a risk but a sustained push under 1.3415 implies downside potential in spot to the high 1.3200s/1.3300 area in the next 1-2 weeks.
Resistance is 1.3425/1.3450.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The United States (US) Bureau of Labor Statistics (BLS) will release the critical Nonfarm Payrolls (NFP) data for August on Friday at 12:30 GMT.
Gold Price Forecast: XAU/USD edges higher above $4,100 ahead of delayed US September NFP reportGold price (XAU/USD) attracts some buyers to around $4,110 during the early Asian session on Thursday. The precious metal gains momentum amid the cautious mood and uncertainty over the US economy. Traders will closely monitor the US September Nonfarm Payrolls (NFP) later on Thursday.
Gold price (XAU/USD) attracts some buyers to around $4,110 during the early Asian session on Thursday. The precious metal gains momentum amid the cautious mood and uncertainty over the US economy. Traders will closely monitor the US September Nonfarm Payrolls (NFP) later on Thursday.
Silver (XAG/USD) continues to rise parabolically, up more than 5%, trading above the $80.00 threshold a troy ounce, despite rising US Treasury yields and a strong US Dollar.
Gold (XAU/USD) attracts buyers for the second consecutive day and surges past the $4,100 mark to hit a nearly two-week high during the Asian session on Wednesday.
Bitcoin Price Forecast: Persistent ETF inflows, easing Middle East tensions lift risk appetiteBitcoin (BTC) extends its gains, trading above $64,800 at the time of writing on Thursday, breaking above the key resistance zone. Institutional demand supports BTC price action with spot Exchange Traded Funds (ETFs) recording a third consecutive day of inflows so far this week.
Bitcoin (BTC) extends its gains, trading above $64,800 at the time of writing on Thursday, breaking above the key resistance zone. Institutional demand supports BTC price action with spot Exchange Traded Funds (ETFs) recording a third consecutive day of inflows so far this week.
Related Instrument
