USD/CAD: USD-bearish technical signals show up on charts – Scotiabank

USD-bearish technical signals noted recently ('engulfing' patterns on the daily and weekly charts and a key reversal week on the 'regular' charts) remain the salient features of USD/CAD’s technical picture, Scotiabank's Chief FX Strategist Shaun Osborne notes.

A lot of residual bull momentum behind the USD

"But there is still a lot of residual bull momentum behind the USD and that may curb the CAD’s ability to recover. Those reversal patterns should mean, however, that the top of the USD is in for this move up—from a technical point of view—at 1.4795. My confidence in this respect is suitably measured, however."

"Technical resistance sits at 1.4250/60, the January range lows, and 1.4465/00. Support remains 1.4095/00 (38.2% Fibonacci retracement of the USD October/January rise) and 1.40."

Feb 24, 2025

EUR firms briefly on German election – Scotiabank

The German federal election result yielded the expected shift to the right—a win for the conservative CDU/CSU and gains for the far-right AfD, Scotiabank's Chief FX Strategist Shaun Osborne notes.

CAD loses ground on the crosses – Scotiabank

BoC Governor Macklem said Friday the economy was on a 'better footing' on the back of a pickup in consumer demand but noted again that the consequences of a trade war with the US would be 'severe' and the threat of tariffs was already doing economic harm, Scotiabank's Chief FX Strategist Shaun Osborne notes.