USD/CAD: Important resistance in front of the chest — Scotiabank

FXStreet — The perspective for the currency pair remains unchanged and neutral, said Eric Sum, Scotiabank, market analyst. A strong resistance is to be found in the area of 1,3480.

Important Quotes:

The momentum indicators, which are the languages most recently for a continuation of the downward pulse, slow and the strength is known as a Trend DMI indicator.

The currency pair USD/CAD is consolidating just below the 50-day line (1,3495) and to respect the rising trendline from the February and April lows (support ~1.3400), while the downward trend line from the December to March high (~1.3460) was, under the fire of the device.

These trend lines are, in the short term is of great importance. We would like to point out at this point, the importance of resistance on 1,3480.

** FXStreet News Editorial, FXStreet**

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