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
During the Asian trading session on June 4, Bitcoin continued its multi-day slump, briefly dropping below the $62,000 mark to $61,338. As of press time, Bitcoin was trading at $63,844, wi
Bitcoin drops below $65K amid reinforced bear market signalsBitcoin (BTC) dipped further below $65,000 on Wednesday, with onchain data from Glassnode signaling a market firmly in a bear phase. The decline has pushed prices back into a key valuation range between the Realized Price and the True Market Mean.
Bitcoin (BTC) dipped further below $65,000 on Wednesday, with onchain data from Glassnode signaling a market firmly in a bear phase. The decline has pushed prices back into a key valuation range between the Realized Price and the True Market Mean.
Here is what you need to know on Wednesday, June 3:
On June 2, Eastern Time, the cryptocurrency market suffered its most severe wave of concentrated liquidations so far this year. Bitcoin ( BTC) fell below the $70,000 psychological support
West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday.
Related Instrument
