- Analytics
- News and Tools
- Market News
- USD/CAD: Trends appear to be geared towards a retest of 1.31 low seen in July – Scotiabank
USD/CAD: Trends appear to be geared towards a retest of 1.31 low seen in July – Scotiabank
USD/CAD holds in upper 1.33s. Economists at Scotiabank analyze the pair’s outlook.
Intraday support is 1.3350
USD/CAD’s push below retracement support at 1.3495 (50% Fibonacci of the July/November move up) last week yielded a quick move lower and keeps momentum favouring more losses to the upper 1.32s in the short run (76.4% retracement at 1.3283). That would put spot well below trend support off the April 2022 low which sits at 1.3323 on the weekly chart.
Ultimately, after repeated failures in the 1.39 area, trends appear to be geared towards a retest of the 1.31 low seen in July but that may come after a moderate USD rebound early next year.
Intraday resistance is 1.3400/1.3410. Support is 1.3350.
© 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
