USD/CAD: Scope for additional gains is limited – Scotiabank
|USD/CAD steadies after stock-driven surge on Wednesday. Economists at Scotiabank analyze the pair’s outlook.
Ongoing downside pressure
The sharp squeeze higher in the USD late on Wednesday left a small, bull signal on the 6-hour chart (outside range) but the lack of follow-through demand and weak price action in European trade suggests scope for additional USD gains is limited.
Trend strength oscillators still aligned bearishly on the intraday, daily and weekly oscillators, supporting the outlook for limited USD rebounds and ongoing downside pressure on spot.
Support is 1.3320/1.3330 and 1.3280/85. Resistance is 1.3375/1.3400.
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.