Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.
    2021
    Best News & Analysis Provider
    FxDailyInfo
    2022
    Best Forex Educational Resources Global
    International Business Magazine

    USD/CAD: Losses need to extend below 1.3540 to put any sort of technical pressure – Scotiabank

    Source Fxstreet
    Mar 1, 2024 12:58

    USD/CAD trades little changed on the session. Economists at Scotiabank analyze the pair’s outlook. 

    Further strength in commodity prices may give the CAD reason to improve

    Further strength in commodity prices may give the CAD reason to improve but, for now, negative spreads and changeable risk appetite seem likely to keep it subdued.

    The USD’s early 2024 uptrend remains intact on the chart short-term price action does suggest some resistance developing around the 1.3600 point. High upper shadows on the daily candle chart imply firm selling pressure on USD gains above the figure.

    The intraday chart actually shows a clear, bearish rejection of Thursday’s push to the figure zone. Trend momentum remains USD-bullish, however, and spot losses need to extend below 1.3540 to put any sort of technical pressure on the USD from here.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
    placeholder
    USD/CAD falls sharply to 1.3800 despite multiple tailwindsThe USD/CAD pair dipped to round-level support of 1.3800 in Wednesday’s early American session.
    Source  Fxstreet
    The USD/CAD pair dipped to round-level support of 1.3800 in Wednesday’s early American session.
    placeholder
    USD/JPY hovers above 154.50 close to its peak since June 1990USD/JPY trades around 154.60 during the early European session on Wednesday, hovering near its peak at 154.78, a level not seen since June 1990.
    Source  Fxstreet
    USD/JPY trades around 154.60 during the early European session on Wednesday, hovering near its peak at 154.78, a level not seen since June 1990.
    placeholder
    USD/CAD stands tall near 1.3800, highest since November as traders look to Canadian CPIThe USD/CAD pair builds on last week's breakout momentum through the 1.3600-1.3610 supply zone and gains some positive traction for the fifth successive day on Tuesday.
    Source  Fxstreet
    The USD/CAD pair builds on last week's breakout momentum through the 1.3600-1.3610 supply zone and gains some positive traction for the fifth successive day on Tuesday.
    goTop
    quote