- Analytics
- News and Tools
- Market News
- USD/CAD: A solid rejection of important technical resistance warrants attention – Scotiabank
USD/CAD: A solid rejection of important technical resistance warrants attention – Scotiabank
CAD drifts a little lower after strong close Friday. Economists at Scotiabank analyze USD/CAD technical outlook.
CAD losses to remain limited ahead of Wednesday’s BoC policy decision
Spot is grinding a little higher on the day but CAD losses are likely to remain limited ahead of Wednesday’s BoC policy decision.
Friday’s session formed a bearish outside range/reversal day, with the peak in the USD developing around important resistance (40-DMA and the 50% retracement of the June decline in funds). A solid rejection of important technical resistance warrants attention.
Firm resistance stands at 1.3375/85 now.
Intraday resistance is 1.3325. Key USD support (ahead of renewed losses) is 1.3275.
© 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
