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    USD/CAD to retest 1.3440/1.3450 on a move below support at 1.3540/1.3550 – Scotiabank

    Source Fxstreet
    Mar 4, 2024 13:39

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

    Risks tilted mildly to the downside

    A lower close to the USD on Friday tilts risks mildly to the downside for funds from a technical point of view. 

    At the very least, spot is looking at pretty solid resistance at 1.3600/1.3605 after clear rejections of the figure area last week. 

    The USD’s mild drop Friday also formed the third leg of a bearish ‘evening star’ pattern on the daily candle chart which should see spot put a bit more pressure on moderate support at 1.3540/1.3550 in the short run and, below there, point to a test of 1.3440/1.3450.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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