USD/CAD to remain firm or perhaps strengthen a bit more – Scotiabank
|USD/CAD’s rebound from the mid-1.3500s reached on Tuesday has extended to the low 1.3600s again. Economists at Scotiabank analyze the pair’s outlook.
Support remains at 1.3550
Spot gains from the intraday low on Tuesday have returned the USD to the recent range peaks around 1.3600/1.2610 but the lift in funds has given momentum a slightly more positive undertone on the intraday chart which tilts risks to the USD remaining firm or perhaps strengthening a bit more.
On the face of it, resistance around the figure has been solid but the CAD needs to do more work to remove the risk of the USD rebound extending (potentially towards the low 1.3700s).
Support remains 1.3550 and (firmer) 1.3450/1.3455.
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.