USD/CAD: GREATER SCOPE FOR MOVEMENT PERHAPS MORE TO THE DOWNSIDE – SCOTIABANK
The Canadian Dollar (CAD) is a moderate underperformer on the session so far. Economists at Scotiabank analyze USD/CAD outlook.
Scope for gains is limited
The USD retains a firm undertone but last week’s ‘inside range’ week suggests some weakening in USD/CAD’s recent uptrend.
Resistance sits at 1.3540/1.3550 and – firmer – at 1.3580/1.3600.
Narrowing Bollinger bands also suggests some risk of an increase in near-term volatility, with the greater scope for movement perhaps more to the downside at the moment.
USD/CAD sees some short-term trend support at 1.3475/1.2480 but a clear move below 1.3452 (40-DMA today) is needed to prompt some technical softness in funds.
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