USD/CAD: Medium-term technical objective is 1.2980/90 – Scotiabank USDCAD Banks
USD/CAD’s decline has reached its near-term potential defined by the 38.2% retracement support from the 2021/22 rally in the USD at 1.3220. Some consolidation from here would not surprise but the general trend remains USD-negative, trend momentum oscillators are bearish for the USD across a range of timeframes and the short-term pattern of trade suggests it would not take too much the get the ball rolling on the downside again. The USD’s loss of support around 1.
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