USD/CAD Technical Analysis: USD Losses May Resume Below 1.3450/55

Friday, 30 August 2024, 05:49

USD losses may resume below 1.3450/55 according to recent technical analysis on the USD/CAD pair. The CAD is currently trading in the USD developing from the 1.3490 area tested overnight. Analysts at Scotiabank indicate a potential bear flag formation, suggesting further declines for USD if key support levels are breached.
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USD/CAD Technical Analysis: USD Losses May Resume Below 1.3450/55

USD/CAD Technical Analysis Report

The CAD is trading favorably against the USD as the price develops from the 1.3490 area tested overnight. This fluctuation signifies a potential shift in momentum.

Price Action Insights

  • The USD's position indicates that losses may resume below 1.3450/55.
  • Recent movements imply a formation of a bear flag, revealing a possible continuation of the downtrend.
  • Monitoring key technical levels is crucial in evaluating future price movements.

Banking Outlook

  1. Scotiabank analysts project the importance of watching these levels closely.
  2. The resurgence of USD losses below the mentioned thresholds could have significant consequences for traders.
  3. Continuous monitoring of macroeconomic indicators will be essential for understanding potential shifts in this currency pair.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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