USDCAD consolidates after key technical break through 1.3495. Economists at Scotiabank believe that the pair could slump to the 1.30 mark in the new few weeks.
Resistance aligns at 1.3490/00
“Price signals suggest the USD is consolidating recent losses rather than reversing them.”
“Narrow gains leave USDCAD building a potential bear flag pattern (losses resume below 1.3420 intraday). Resistance is 1.3490/00.”
“Broader price signals remain USD-bearish, with the noted Head and Shoulders reversal on the daily chart targeting a measured move decline to 1.30 in the next few weeks.”