Economists at Scotiabank analyze USD/CAD technical outlook.
Limited scope or potential for the USD to strengthen
Spot’s move off the intraday low reached earlier in London trade puts a mildly positive spin on short-term price action but the broader downtrend in USD/CAD persists and remains deeply entrenched across short, medium, and long-term charts. From a technical perspective, there is limited scope or potential for the USD to strengthen and minor gains remain a sell as the downtrend persists.
Resistance is 1.3175/80 and, firmer, at 1.3200/25.
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