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
BNB is up 4.4% in the past 24 hours, standing out as the only top-10 coin to post positive 30-day gains (+11%). The move follows Trump’s pardon of former Binance CEO Changpeng “CZ” Zhao.
Crude prices’ pullback from two-week highs at $62.00 witnessed on Thursday remains contained above $61.00 so far, with the commodity on track to its sharpest weekly rally in four months.
Gold price (XAU/USD) edges lower below $4,150 during the Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD).
The United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for September on Friday at 12:30 GMT.
West Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $61.00 per barrel during the Asian hours on Friday.
Related Instrument
