The pair’s outlook remains bullish in the short-term horizon, expecting to meet resistance in the mid-1.3200s, according to FX Strategists at Scotiabank.
“USDCAD gains are less surprising from a technical perspective. The charts had been hinting at upside risk for the USD, with the market well-supported around the 40-day MA (1.3066)”.
“Two failed pushes below 1.31 this week and an outside range yesterday put risks firmly towards additional USD gains in the short run to correct a little more of the late Jun slide from the 1.3385 peak”.
“We still expect good resistance on USD gains to the low/mid 1.32s, however. Intraday support is 1.3145/55 and losses below here could see USD gains washed away fairly quickly”.
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 securities. 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 Forex 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.