USD/CAD shows some reluctance to push higher – Scotiabank
Source Fxstreet
USD/CAD edges marginally higher in rather quiet, month-end trade so far. Economists at Scotiabank analyze the pair’s outlook.
USD retains a clear advantage over the CAD
Passive hedge rebalancing flows may be mildly CAD-supportive if anything, but the sharp widening in US/Canada spreads over the second half of the month remains a drag on the CAD’s broader outlook.
The USD retains a clear advantage over the CAD from a broader perspective, with Wednesday’s gains extending the new year run higher in spot marginally.
A small, inside range (within Wednesday’s range) today does suggest some reluctance to push higher still, however, and a lack of momentum behind the move.
Resistance is 1.3610/1.3620. Support is 1.3540/1.3550.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Gold returns to the $5,000 mark as Bitcoin prices weaken to hit new lows; what is the future outlook?During the Asian session on Wednesday (February 4), gold ( XAUUSD) prices continued to
Gold (XAU/USD) attracts follow-through buying for the second consecutive day and surges past the $5,000 psychological mark during the Asian session on Wednesday amid the global flight to safety.
Where is the Bitcoin bottom? Can you buy the dip now? Cathie Wood suggests swapping gold for Bitcoin.On Tuesday (February 3), panic in the crypto market eased as Bitcoin ( BTC) prices reb
Bitcoin’s two-year rolling MVRV z-score has dropped to its lowest level ever, pointing to extreme undervaluation.
Crypto analyst Scott Melker identifies a prime risk/reward setup for XRP as it tests key support at $1.60, offering a tight stop-loss against potential upside targets near $2.00.
Related Instrument
