FX Strategists at Scotiabank stay neutral/bearish on spot, adding that short-term resistance lies in the 1.3030/50 band.
“USDCAD losses have moderated through the latter part of the week, leaving spot trading sideways in a tight range between 1.2980-1.3020 effectively”.
“Net losses on the week overall are significant, however, as weekly candle signals suggest the USD is reversing lower. A low close on the week (ideally below 1.3050 or so) will form a bearish engulfing line on the weekly chart”.
“We look for resistance at 1.3030/50 today and for USD losses to pick up on a break under 1.2980 and head for 1.2905”.
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.