USD/CAD set to extend its drop below 1.3690 support – Scotiabank
The loonie firms modestly ahead. Economists at Scotiabank expect the USD/CAD pair to slide below 1.3690 in the near-term.
Broader outlook is somewhat mixed
“USD/CAD cast a marginally negative look to the very short-term charts, with the USD testing the 1.3750 twice before edging lower. That trend rather implies modest downside prospects for the USD in early trade below 1.3690 support, from a purely technical perspective.”
“The broader outlook is somewhat mixed, with the USD holding above the 1.36 area that we think is pivotal for the trend in the short run but holding a net loss on the week so far, suggesting stiff-ish resistance in the low/mid 1.38s remains.”
Reprinted from FXStreet，the copyright all reserved by the original author.
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.