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- USD/CAD may march forward in the next few weeks – Scotiabank
USD/CAD may march forward in the next few weeks – Scotiabank
The USD/CAD is little changed to start the week, with spot holding in the mid 1.24s. Last week, the pair were halted by the 200-day moving average (DMA) at 1.2479, which is a sign of CAD strength but a minor bounce in the next few weeks is on the cards.
CAD to remain generally well-supported
“The overall technical tone remains consolidative and it is impossible to exclude the risk of USD/CAD creeping a little higher still in the next few weeks. But rejection of the 200-DMA is an important sign of resilience in the CAD, we think.”
“USD support is 1.2415 and 1.2385.”
“Resistance is 1.2525/30.”
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