- Analytics
- News and Tools
- Market News
- USD/CAD should remain supported on moderate dips – Scotiabank
USD/CAD should remain supported on moderate dips – Scotiabank
The Canadian dollar (CAD) has gained a little ground on the session. Economists at Scotiabank analyze Loonie’s outlook.
Technicals warrant attention
Spot losses from the intraday high on Wednesday leave a bit of a dent in the short-term technical outlook for USD/CAD.
A bear reversal pattern developed on the 6-hour chart and the daily pattern of trade suggests a stall in the USD’s bull move against the 50% retracement resistance from the USD’s Q4 decline. This warrants close attention.
Underlying trend momentum remains USD-bullish, suggesting that the USD should remain supported on minor dips for now.
Initial support sits at 1.3440/1.3450. More important support is at 1.3410/1.3415; weakness below here would point to deeper USD losses.
© 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
