USD/CAD: A solid rejection of important technical resistance warrants attention – Scotiabank

Market news

10 July 2023

USD/CAD: A solid rejection of important technical resistance warrants attention – Scotiabank

CAD drifts a little lower after strong close Friday. Economists at Scotiabank analyze USD/CAD technical outlook.

CAD losses to remain limited ahead of Wednesday’s BoC policy decision

Spot is grinding a little higher on the day but CAD losses are likely to remain limited ahead of Wednesday’s BoC policy decision.

Friday’s session formed a bearish outside range/reversal day, with the peak in the USD developing around important resistance (40-DMA and the 50% retracement of the June decline in funds). A solid rejection of important technical resistance warrants attention.

Firm resistance stands at 1.3375/85 now.

Intraday resistance is 1.3325. Key USD support (ahead of renewed losses) is 1.3275.

Gold Price Forecast: XAU/USD juggles above $1,920 as focus shifts to US Inflation

US Dollar finds a foothold following post-NFP selloff

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.