USD/CAD: Break of resistance at 1.3585 clears parth to retest 1.38 – Scotiabank

Market news

7 December 2022

USD/CAD: Break of resistance at 1.3585 clears parth to retest 1.38 – Scotiabank

USD/CAD has broken trend resistance at 1.3585. Therefore, economists at Scotiabank expect the pair to advance well above the 1.38 level.

Weakness back below needed to temper gains

“Spot gains above short-term trend resistance off the Oct high (1.3585) leave the USD with a clearer path to retest 1.38+ from here.”

“Resistance is 1.3805 and 1.3970/75.”

“Support is 1.3645 and 1.3585; weakness back below here is needed to temper USD gains.”

Currencies. Daily history for Wednesday, December 7, 2022

Commodities. Daily history for Tuesday, December 6, 2022

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