USD/CAD: Losses should extend towards 1.3290 in the short run – Scotiabank USDCAD Banks
staged a solid rejection of key resistance at 1.3495 yesterday. Economists at Scotiabank expect the pair to extend its fall towards 1.3290 in the near term.“Short-term price patterns imply a clear reversal from the upper 1.34s, with the USD extending losses under minor support at 1.3410/15 . Losses should extend towards 1.3290/00 in the short run from here.”
“The overall pattern of trade keeps the USD on track for a retest of the 1.32 area and, eventually, a drop to the measured move target derived from the Head and Shoulders of 1.3025.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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