USD/CAD SHOULD FIND SUPPORT ON DIPS TO THE LOW/MID-1.3400S – SCOTIABANK
The Canadian Dollar (CAD) edges slightly higher but scope for gains looks limited, economists at Scotiabank report.
Uptrend in place since the start of the year remains intact
USD/CAD has drifted from the high around 1.3540 seen earlier in the week but losses are relatively mild and the broader uptrend in the USD in place since the start of the year remains intact.
Shorter-term trend oscillators are leaning USD-bullish still.
Spot may edge a little lower in the short run as price action corrects from the test of the 50% Fibonacci resistance from the USD’s Q4 drop (1.3538) but the USD should find support on dips to the low/mid-1.3400s absent any sign of a reversal in the USD bull trend at this point.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.