USD/CAD to retest 1.3440/1.3450 on a move below support at 1.3540/1.3550 – Scotiabank
Source Fxstreet
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.
Recommended Articles
Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.
Fed’s Powell says credibility lost if President can fire officialsFormer Federal Reserve (Fed) Chair Jerome Powell said the US central bank would damage public trust that’s required to support a strong and stable economy if any president were free to dismiss Fed officials over policy disagreements, Bloomberg reported on Monday.
Former Federal Reserve (Fed) Chair Jerome Powell said the US central bank would damage public trust that’s required to support a strong and stable economy if any president were free to dismiss Fed officials over policy disagreements, Bloomberg reported on Monday.
Here is what you need to know on Friday, May 29:
Understand how the Strait of Hormuz shock moved markets, and what CFD traders watched next.
Discover the best Japanese stocks to buy, including AI semiconductor leaders, Buffett-backed trading houses, and undervalued Japan stocks benefiting from corporate reforms and yen trends.
Related Instrument
