USD/CAD faces resistance at 1.3080 near term – Scotiabank
|In view of FX Strategists at Scotiabank, the pair’s short-term stance remains neutral/bearish and faces resistance in the 1.3080 region.
Key Quotes
“USDCAD is quietly consolidating just above 1.3000, below the midpoint of its three session range roughly bound between 100 day MA (1.2964) support and 50 day MA (1.3114) resistance”.
“Momentum indicators are bearish however their magnitude is remarkably muted and the weak DMI’s/ADX underscore the absence of any meaningful trend. We look to near-term support at 1.2980 and near-term resistance at 1.3080”.
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.