USD/CAD: Technical pointers are tilted lower – Scotiabank
|CAD gets a minor lift ahead of tomorrow’s BoC decision. Economists at Scotiabank analyze USD/CAD outlook.
USD/CAD to retest the low 1.33 zone once below 1.34
A minority of forecasters (including a couple of other Canadian banks and two, large Wall St firms) have joined Scotia’s call for a 25 bps hike this week but this remains a non-consensus call.
Markets may hold intraday – considering tomorrow’s nontechnical event risk – before a move develops but the technical pointers are tilted lower.
Resistance is 1.3465 and 1.3525/50.
Below 1.34, spot should retest the low 1.33 zone.
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.