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- USD/CAD: A test of the upper 1.29s is reachable in the next few weeks – Scotiabank
USD/CAD: A test of the upper 1.29s is reachable in the next few weeks – Scotiabank
USD/CAD retains a weak technical undertone, economists at Scotiabank report.
Support is 1.31 and 1.30
Unlike some other major currencies’ technical situation, the CAD’s position looks technically ‘cleaner’ – the broader bear trend in the USD remains uninterrupted and backed by a bearish alignment of trend oscillators which will limit the USD’s ability to rally and maintain focus on the downside for now.
USD/CAD resistance is 1.3205/10 on the intraday chart today and I expect solid USD resistance if gains do extend a bit higher (though the mid/upper 1.32s).
Support is 1.31 and 1.30; technically, I think a test of the upper 1.29s is reachable in the next few weeks.
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