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 shows strong correlation with institutional demand following 7% uptickBitcoin's price has largely tracked net institutional demand over the past year, according to Bitwise. Net institutional demand is the buying activity of global exchange-traded products (ETPs) and treasury companies minus new supply.
Bitcoin's price has largely tracked net institutional demand over the past year, according to Bitwise. Net institutional demand is the buying activity of global exchange-traded products (ETPs) and treasury companies minus new supply.
Silver price corrects almost 6% to near $86.50 during the Asian trading session on Thursday.
Standard Chartered lifts Ethereum call to $7,500, arguing institutional demand could leave Bitcoin trailingStandard Chartered raised its year-end Ethereum target to $7,500 (from $4,000), citing institutional demand, while projecting $25,000 by 2028 and scenarios toward $40,000 by 2030 amid ETF- and treasury-driven accumulation.
Standard Chartered raised its year-end Ethereum target to $7,500 (from $4,000), citing institutional demand, while projecting $25,000 by 2028 and scenarios toward $40,000 by 2030 amid ETF- and treasury-driven accumulation.
Despite higher-than-expected Producer Price Index (PPI) inflation data for November, Bitcoin surged to new eight-week highs, diverging from US stock markets.
Bitcoin nears two-month highs with key indicators signaling potential for further gains as it targets $101,000.
Related Instrument
