The USD/CAD pair is said to be consolidating between 1.3350/1.3450 by the Scotia bank. The economists at the bank expect to see a decline in the pair, but it will be slow to materialize.
The economists quoted, ”The USD undertone remains soft and bear trend momentum continues to develop; but short-term DMI signals are weak, suggesting only moderate downside pressure on spot at present. It should also mean limited upside potential for the USD intraday, however.”
“Look for better selling pressure on minor gains to the low 1.34s.”
“A break of 1.3350 targets 1.3270/75.”
The Scotiabank is a Canadian multinational banking and financial services company headquartered in Toronto, Canada.
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