- Analytics
- News and Tools
- Market News
- USD/CAD: Key support at 1.3360 to be under a bit more pressure in the weeks ahead – Scotiabank
USD/CAD: Key support at 1.3360 to be under a bit more pressure in the weeks ahead – Scotiabank
The Canadian Dollar (CAD) trades steady on the day, with USD/CAD limited on approaches to mid-1.3500s against the US Dollar (USD). Economists at Scotiabank analyze USD/CAD outlook.
Firm resistance now around 1.3540
The CAD traded well off the intraday low Friday and failed to secure a higher weekly close on the USD that was looking possible late last week. Still, the longer run charts do reflect a stalling in the USD’s new year rally and imply firm resistance now around 1.3540 (highs from last week and earlier in January, 50% retracement resistance from the USD’s Q4 drop).
Near-term technicals are neutral but the broader pattern of trade favours fading USD gains through the low/mid-1.3500s and for the USD to put key support at 1.3360 under a bit more pressure in the weeks ahead.
© 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
