Technical factors point to a sustained uptrend – Scotiabank USDCAD Banks
Little scope for CAD gainsmodel suggests little scope for CAD gains and a potential 1.3460/1.3770 range for funds. All else equal though, the base for the USD is likely to be somewhat higher in the 1.3550/00 range.”, reflecting rising short-term rates, remain a major headwind for the CAD, given its still strong, positive correlation with US equities.”
“Short, medium and longer-term DMI oscillators are aligned bullishly for the USD which typically means a strong, underlying uptrend is underway with limited potential for counter-trend corrections.”“Gains have extended to near the 1.37 area which may provide some stronger resistance to the USD advance. But the strength of the underlying trend suggests some risk at least of an overshoot to the 1.3820/30 zone.
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