• USD/CAD: A test of the upper 1.29s is reachable in the next few weeks – Scotiabank

Market news

26 June 2023

USD/CAD: A test of the upper 1.29s is reachable in the next few weeks – Scotiabank

USD/CAD retains a weak technical undertone, economists at Scotiabank report.

Support is 1.31 and 1.30

Unlike some other major currencies’ technical situation, the CAD’s position looks technically ‘cleaner’ – the broader bear trend in the USD remains uninterrupted and backed by a bearish alignment of trend oscillators which will limit the USD’s ability to rally and maintain focus on the downside for now. 

USD/CAD resistance is 1.3205/10 on the intraday chart today and I expect solid USD resistance if gains do extend a bit higher (though the mid/upper 1.32s). 

Support is 1.31 and 1.30; technically, I think a test of the upper 1.29s is reachable in the next few weeks.

 

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
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.