USD/CAD to drop back to 1.3490/00 on more obvious weakness below the 1.3570 mark – Scotiabank

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1 June 2023

USD/CAD to drop back to 1.3490/00 on more obvious weakness below the 1.3570 mark – Scotiabank

Economists at Scotiabank analyze USD/CAD technical outlook.

Another rejection of the 1.3650/60 area tilts near-term risks lower for USD/CAD

Another rejection of the 1.3650/60 area and a low close for the USD yesterday tilts near-term risks lower for USD/CAD.

After two failures at 1.3650 this week, more obvious USD weakness below the 1.3570 point (minor pivot and small double top trigger) should result in spot dropping back to 1.3490/00.

See – USD/CAD: Firm Canadian economic data should give Loonie a boost in the short run – Scotiabank

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