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21 Nov 2022
USD/CAD: Rebound to stall near the mid-1.34 zone – Scotiabank
USD/CAD clings to gains above 1.3400. However, economists at Scotiabank expect the mid-1.24s to cap the advance.
Firm resistance seen at 1.3495
“Corrective USD gains have extended to near the mid-1.34 zone where we do think there is a reasonable technical case for the rebound to stall. This is where the 61.8% retracement of the sell-off from 1.3575 and short-term bull potential from the rebound from the low 1.32s converge.”
“There is firm resistance above the market at 1.3495 (bear breakdown point) should gains extend.”