Economists at Scotiabank have stated that the USD/CAD currency pair is at risk of more losses in the weeks ahead.
Analyzing the pair’s outlook, the economists stated:
”The CAD is flat-lining on the charts. Short and medium-term directional signals are neutral and trend momentum is extremely weak. But the USD is putting incremental pressure on short-term support (off the October/November lows at 1.3673) and is close to testing major trend support off the July low at 1.3660.
The bearish weekly reversal signal from the start of the month continues to point to a risk of more USD losses in the weeks ahead”.
Resistance remains 1.3770/1.3775.
The Bank of Nova Scotia, operating as Scotiabank, is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada’s Big Five banks, it is the third-largest Canadian bank by deposits and market capitalization.