#USDCAD @ 1.34050 : Losses should extend towards 1.3290 in the short run – Scotiabank
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USD/CAD staged a solid rejection of key resistance at 1.3495 yesterday. Economists at Scotiabank expect the pair to extend its fall towards 1.3290 in the near term.
“Short-term price patterns imply a clear reversal from the upper 1.34s, with the USD extending losses under minor support (rising channel on the intraday chart) at 1.3410/15 (now intraday resistance). Losses should extend towards 1.3290/00 in the short run from here.”
“The overall pattern of trade keeps the USD on track for a retest of the 1.32 area and, eventually, a drop to the measured move target derived from the Head and Shoulders of 1.3025.”
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