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
Fed maintains interest rates, Bitcoin price falls below $76,000 as Powell's stay may hinder rebound.On April 30 (GMT+8), Bitcoin ( BTC) narrowed its losses and returned above $76,000, cur
Brent Oil Breaks Through $120 Mark, Strait of Hormuz Deadlock Continues to Ferment, How Will Trump’s Choice Sway Oil Price Direction?Hopes for a resolution to the U.S.-Iran deadlock are fading, and the oil price rally continued during the Asian session. On Thursday, dampened by pessimistic news regarding peace talks, B
Hopes for a resolution to the U.S.-Iran deadlock are fading, and the oil price rally continued during the Asian session. On Thursday, dampened by pessimistic news regarding peace talks, B
The S&P 500 edged down 0.04% to 7,135.95, while the Nasdaq Composite gained a modest 0.04% to reach 24,673.24. Meanwhile, the Dow Jones Industrial Average declined 0
Goldman Sachs ( GS) 's latest precious metals research report on gold ( XAUUSD) price trends presents a "structurally bullish, tactically cautious" dual outlook, maintaining its year-end
The United Arab Emirates (UAE) has officially announced that it will formally withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance on May 1.Bl
Related Instrument
