USD/CAD: Ongoing pressure higher towards a retest of the 1.37 area – Scotiabank USDCAD Banks
USD/CAD gains through 1.35 points to a test of 1.37, Shaun Osborne, Chief FX Strategist at Scotiabank, reports.“USD/CAD strength may persist a little longer now; not only has the pair traded through key resistance but trend strength oscillators have aligned bullishly for the USD across intraday, daily and weekly studies. This should mean firm support for the USD on modest dips from here and ongoing pressure higher towards a retest of the 1.37 area, where USD gains stalled late last year.
“Gains through 1.37 – which cannot be excluded, given the bullish alignment of trend strength oscillators – would suggest USD gains can extend a little more to retest the 1.38 zone.” 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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