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Home›Forex›Major Pairs›Canadian dollar trades flat versus US dollar as risks…

Canadian dollar trades flat versus US dollar as risks linger

USD/CAD’s rally looks technically stretched, with strategists citing bearish reversal signals and support limits before the 1.40 area.

Reported · Written up by our desk · Major Pairs

Scotiabank strategists Shaun Osborne and Eric Theoret said the Canadian dollar is trading flat versus the US dollar, with markets showing little reaction to Quebec’s provincial election.

They noted political risks remain a medium-term headwind, pointing to ongoing referendum concerns in Quebec and Alberta that are weighing on sentiment.

On the technical side, the strategists said USD/CAD’s rally appears stretched, citing bearish reversal signals such as shooting star doji patterns and an RSI around 80.

Scotiabank also highlighted that the result increases focus on the October 19 Alberta referendum, and that limited support is seen between current levels and the 1.40 area.

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Sources

FXStreetCanadian Dollar: Range-bound against US Dollar as political risks linger – Scotiabank

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