The loonie modestly reasserts himself. Scotiabank economists expect the pair USD/CAD drop below 1.3690 in the short term.
The overall outlook is somewhat mixed
“USD/CAD looks marginally negative on very short-term charts, with the dollar testing 1.3750 twice before turning lower. This trend implies a rather modest downside outlook for the USD in early trading below from the 1.3690 support, from a purely technical perspective.”
“The broader outlook is somewhat mixed, with the dollar holding above the 1.36 area, which we believe is critical to the near-term trend, but maintaining a net loss on the week so far, suggesting there remains a stiff resistance below 1.38/1.3850″.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
