USDCAD could decline to 1.30 in the next few weeks – Scotiabank
|USDCAD consolidates after key technical break through 1.3495. Economists at Scotiabank believe that the pair could slump to the 1.30 mark in the new few weeks.
Resistance aligns at 1.3490/00
“Price signals suggest the USD is consolidating recent losses rather than reversing them.”
“Narrow gains leave USDCAD building a potential bear flag pattern (losses resume below 1.3420 intraday). Resistance is 1.3490/00.”
“Broader price signals remain USD-bearish, with the noted Head and Shoulders reversal on the daily chart targeting a measured move decline to 1.30 in the next few weeks.”
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.