#USDCAD @ 1.32579 USDCAD: Losses to resume on a break under 1.3255/65 in the short run – Scotiabank
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USDCAD slides back below 1.3300 mark. Economists at Scotiabank expect the pair to sustain further losses on a break below 1.3255/65.
“Intraday and daily trend strength signals are aligned bearishly for the USD and the weekly DMI has clearly moderated from the strongly bullish position seen through Sep/Oct.”
“Longer-term (monthly) price signals suggest a broader turn in the USD may be developing but we think there is likely to be significant support for the USD around the 1.30 level (major congestion zone from 2021/22).
“Minor USD gains (to the low/mid 1.33s) look a sell.”
“We expect USD losses to resume on a break under 1.3255/65 in the short run.”
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