- Analytics
- News and Tools
- Market News
- USD/CAD: Minor gains remain a sell as the downtrend persists – Scotiabank
USD/CAD: Minor gains remain a sell as the downtrend persists – Scotiabank
Economists at Scotiabank analyze USD/CAD technical outlook.
Limited scope or potential for the USD to strengthen
Spot’s move off the intraday low reached earlier in London trade puts a mildly positive spin on short-term price action but the broader downtrend in USD/CAD persists and remains deeply entrenched across short, medium, and long-term charts. From a technical perspective, there is limited scope or potential for the USD to strengthen and minor gains remain a sell as the downtrend persists.
Resistance is 1.3175/80 and, firmer, at 1.3200/25.
Support is 1.31 and 1.2980/90.
© 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
