USD/CAD eyes a technical pause ahead of another leg lower – Scotiabank
|USD/CAD has traded sideways over the past 24 hours essentially. Economists at Scotiabank expect the pair to stage another leg lower.
Break below 1.2835/40 to trigger more losses through the 1.28 area
“After falling sharply from the Friday peak just under 1.30, the consolidation could be seen as a technical pause ahead of another leg lower – a bear flag pattern, in other words.”
“USD losses below 1.2835/40 should trigger more USD losses through the 1.28 area.”
“Resistance on the session is 1.2875/80.”
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