USD/CAD to give up a little more ground to low/mid-1.34s on weakness below 1.3490 – Scotiabank
|Loonie is underperforming but that essentially means no movement in USD/CAD around the 1.35 level. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.
USD/CAD remains in consolidation mode
Technically, USD/CAD remains in consolidation mode; gains extended a little more than I had expected on Wednesday but price action still appears to be consolidating (bear wedge/flag pattern) after the mid-September slide in the USD.
Weakness below short-term support at 1.3490 should see the USD give up a little more ground to low/mid-1.34s.
Resistance is 1.3540/1.3550.
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.