USDCAD: Neutral/bearish (Tech Views from Scotia)
The CAD is trading flat on the session
and short-term trend signals are weak, supporting the outlook for more range trading in
the near term. But the weekly chart—at the moment—reflects another firm rejection of
the 1.3540/50 peaks seen in January and a weak close for funds on the day should see
spot prices have a run at last week’s low around 1.3360 in the week ahead. Minor, intraday
support sits at 1.3440, with resistance at 1.3490/00.
and short-term trend signals are weak, supporting the outlook for more range trading in
the near term. But the weekly chart—at the moment—reflects another firm rejection of
the 1.3540/50 peaks seen in January and a weak close for funds on the day should see
spot prices have a run at last week’s low around 1.3360 in the week ahead. Minor, intraday
support sits at 1.3440, with resistance at 1.3490/00.
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