- Analytics
- News and Tools
- Market News
- USD/CAD: The makings of a deeper rebound are there – Scotiabank
USD/CAD: The makings of a deeper rebound are there – Scotiabank
USD/CAD rose strongly on Tuesday, pushing through the 1.3540/1.3550 area. Economists at Scotiabank analyze the pair’s outlook.
Key support at 1.3340/1.3350
Given the resiliency of the 1.3540 area in the past few weeks, it may come down to where we close on the week to determine whether the break higher will hold and develop (into a push on to the low 1.3600s) or fade and dump the USD back into a 1.3350/1.3550 range.
Trend oscillators have perked up bullishly for the USD on the short-term DMI studies and the weekly DMI leans modestly USD-bullish as well.
The makings of a deeper USD rebound are there but there is a bit of a ‘show me’ aspect to price action at this point; bullish-leaning oscillators are still quite weak across all time frames.
USD support is 1.3520/1.3530 and 1.3400/1.3410 (40-DMA at 1.3402) ahead of key support at 1.3340/1.3350.
© 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
