USD/CAD to pressure support in the low 1.33 zone – Scotiabank
|USD/CAD holds range above 1.33. Economists at Scotiabank expect the pair to test the low-1.33s.
Technical undertone remains negative
“Short-term trading patterns show the USD finding good support on minor dips to the 1.3315/20 zone over the past 24 hours and a snap higher in European trade has put a positive print on the intraday chart for the USD from around that point. But upside potential looks pretty limited, with evidence of better USD selling pressure emerging around or above 1.34 in recent days.”
“More generally, the USD appears to be consolidating ahead of another push lower (bear flag pattern); key support is 1.3320 intraday and resistance is 1.3395/00.”
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.