- Analytics
- News and Tools
- Market News
- USD/CAD: Sustained move below 1.2450 to open up the 1.23 level – Scotiabank
USD/CAD: Sustained move below 1.2450 to open up the 1.23 level – Scotiabank
USD/CAD has fallen to the mid 1.24s. Strategists at Scotiabank expect the pair to tank towards the 1.23 level on a break below the 1.24 region.
Loonie strengthens with strong crude oil
“From a technical perspective, the cross may struggle to detach itself from the 1.2450-1.2500 zone but a convincing decline opens up USD losses to the 1.24 mark with 1.23 following with relative ease.”
“The loonie will have to resist Fed tapering bets ahead of its November meeting and 2022 hike calls will likely act as a tailwind for the dollar through year-end. On the other hand, there’s no quick solution in sight for the global energy crunch that should keep the CAD supported by stronger crude prices.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
