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
Inflation 'High Fever' Fails to Stop Rally? BTC Temporarily Loses 80,000 Mark, But Arthur Hayes Sees Peak of $126,000CPI data exceeding expectations triggered Bitcoin's drop below $80,000, yet the BitMEX co-founder remains firmly bullish on BTC.On May 13, Bitcoin ( BTC) prices experienced a correction f
CPI data exceeding expectations triggered Bitcoin's drop below $80,000, yet the BitMEX co-founder remains firmly bullish on BTC.On May 13, Bitcoin ( BTC) prices experienced a correction f
US President Donald Trump says trade will be priority in summit with Xi, not IranUS President Donald Trump said that he would prioritize trade discussions during his summit with Chinese President Xi Jinping and downplayed the amount of attention they would devote to the Iran war, Bloomberg reported on Tuesday.
US President Donald Trump said that he would prioritize trade discussions during his summit with Chinese President Xi Jinping and downplayed the amount of attention they would devote to the Iran war, Bloomberg reported on Tuesday.
AI Boom Lifts US Stocks, Strategist Sees S&P Breaking 10,000 in Three Years, How Much Longer Can This Rally Last? U.S. stocks closed at record highs again on Monday; despite growing concerns that a prolonged conflict in Iran through the summer could trigger severe economic consequences, the rally rem
U.S. stocks closed at record highs again on Monday; despite growing concerns that a prolonged conflict in Iran through the summer could trigger severe economic consequences, the rally rem
Gold drifts higher to near $4,750 ahead of US CPI inflation releaseGold price (XAU/USD) trades in positive territory around $4,750 during the early Asian session on Tuesday. The precious metal edges higher as traders assess developments in the United States (US)-Iran diplomacy and await key US inflation data, which is due later on Tuesday.
Gold price (XAU/USD) trades in positive territory around $4,750 during the early Asian session on Tuesday. The precious metal edges higher as traders assess developments in the United States (US)-Iran diplomacy and await key US inflation data, which is due later on Tuesday.
When Will the Gold Dilemma Be Resolved? Breakdown of US-Iran Negotiations Puts Gold Prices Under Pressure Again, Can It Return to $5,000? Spot gold broke below the $4,700 level during the Asian trading session on May 11, dropping as low as $4,678. As of press time, it was trading at $4,670, in stark contrast to three days a
Spot gold broke below the $4,700 level during the Asian trading session on May 11, dropping as low as $4,678. As of press time, it was trading at $4,670, in stark contrast to three days a
Related Instrument
