USD/CAD: Losses through the upper 1.34 area point to more weakness in the near-term – Scotiabank
|USD/CAD pushed support in the upper 1.34 area. Economists at Scotiabank analyze the pair’s outlook.
USD/CAD should run lower to test 1.3393
Losses through firm USD support in the upper 1.34 area point to more weakness in the near-term at least.
Short-term trend momentum is picking up more obviously, with the intraday and daily DMIs aligned bearishly for the USD.
USD/CAD should run lower to test 1.3393 (50% retracement of the July/September move up) which coincides with the early July spike high. A break below here puts the low 1.32s on the radar.
USD resistance is 1.3490/1.3495.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.