- Analytics
- News and Tools
- Market News
- USD/CAD: The technical picture retains a negative undertone for Loonie – Scotiabank
USD/CAD: The technical picture retains a negative undertone for Loonie – Scotiabank
The CAD has struggled over the past couple of weeks. Economists at Scotiabank analyze Loonie’s outlook.
USD looks heavily overbought already on the daily and weekly charts
The technical picture retains a negative undertone for the CAD. Trend momentum is USD-bullish across short, medium and long-term DMIs.
Short-term support is 1.3790 and 1.3740/1.3750.
The only potentially positive pointer for the CAD is that the USD looks heavily overbought already on the daily and weekly charts. In particular, the weekly slow stochastic is not ‘confirming’ the USD’s move higher last week – a warning signal on the sustainability of these gains.
Resistance is 1.3875/1.3880.
© 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
