USD/CAD: Gains beyond 1.3850/60 remain questionable but are not entirely excluded – Scotiabank USDCAD Banks
The CAD has underperformed last week, losing ground on the generally softer USD. Economists at Scotiabank believe that“On the charts, the USD still looks somewhat overextended but overbought conditions have eased.”
“USD gains can extend through the 1.38 area to retest 1.3850/60 this week where trend resistance off the 2020 peak in funds sits. USD gains beyond that point remain questionable but are not entirely to be excluded, with little sign of the USD push higher relenting and the CAD looking friendless.” Information on these pages contains forward-looking statements that involve risks and uncertainties.
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