USD/CAD: Door open for renewed weakness ahead – Scotiabank

Market news

20 June 2023

USD/CAD: Door open for renewed weakness ahead – Scotiabank

The CAD has drifted a little lower in quiet trade. Economists at Scotiabank analyze USD/CAD technical outlook.

Softer trading remains the more likely direction in the coming days

Spot gains in very quiet trade yesterday suggest a consolidation in the USD’s recent softness but leave the door open for renewed weakness ahead.

Price may be carving out a small bear wedge or flag pattern amid a sustained and deeply entrenched USD bear trend on the charts.

Short-term price gains might extend to the mid/upper 1.32s but weakness below 1.3195 intraday will point to renewed USD weakness.

Softer trading for the USD remains the more likely direction for this market in the coming days.

Currencies. Daily history for Tuesday, June 20, 2023

Commodities. Daily history for Monday, June 19, 2023

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.