USD/CAD should remain supported on moderate dips – Scotiabank

Noticias del mercado

18 enero 2024

USD/CAD should remain supported on moderate dips – Scotiabank

The Canadian dollar (CAD) has gained a little ground on the session. Economists at Scotiabank analyze Loonie’s outlook.

Technicals warrant attention

Spot losses from the intraday high on Wednesday leave a bit of a dent in the short-term technical outlook for USD/CAD.

A bear reversal pattern developed on the 6-hour chart and the daily pattern of trade suggests a stall in the USD’s bull move against the 50% retracement resistance from the USD’s Q4 decline. This warrants close attention.

Underlying trend momentum remains USD-bullish, suggesting that the USD should remain supported on minor dips for now.

Initial support sits at 1.3440/1.3450. More important support is at 1.3410/1.3415; weakness below here would point to deeper USD losses.

GBP/JPY rally falters at 188.00, the broader trend remains positive

Russia Foreign Trade above forecasts ($8.5B) in November: Actual ($8.679B)

Enfoque del mercado

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