USD/CAD sees strong support in the 1.3270.75 band – Scotiabank

Pablo Piovano FXStreet

FX Strategists at Scotiabank expects pullback in the pair to find strong support in the 1.3270/75 band.

Key Quotes

“USDCAD continues to look directionally challenged. There has been little or no real impetus behind this week’s swings, leaving the USD (at the moment) little changed on the week”.

“This reflects the significant rejections of the low 1.34s on the topside and the upper 1.32s on the downside this week. The low 1.34 area remains a key point for USD on the topside. There is still a small gap on the intraday chart left by the USD’s sharp fall on Mar 15th; it should get filled sooner rather than later and we think sustained gains through the low 1.34 zone would be significant for the USD from a longer run perspective”.

“Support remains firm in the mid/upper 1.33 area and we spot strong support for the USD at 1.3270/75 still. We still rather think the bounce from 1.3272 (50-% Fib of Feb/Mar rally) confers a bit more technical strength on the USD at present”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.3373

34% Bullish
33% Bearish
33% Sideways

Bias Bullish

1 Month

Avg Forecast 1.3407

53% Bullish
40% Bearish
7% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.3532

60% Bullish
20% Bearish
20% Sideways

Bias Bullish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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