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    USD/CAD shows some reluctance to push higher – Scotiabank

    Source Fxstreet
    Feb 29, 2024 12:57

    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.
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