scotiabank_logo-svgScotiabank analytics peer closer to USD/CAD and GBP/CAD price action. Does popular major has bullish potential? Does GBP/CAD has it?

usdcaddailyUSDCAD remains under pressure, trading at the lower end of its one week range as it continues the retreat from Monday’s high just below 1.36. USDCAD has broken the 9 day MA (1.3434) support level and near-term risk appears balanced to the downside. We look to further support at 1.34 and the 21 day MA (1.3380). Our medium-term USDCAD view remains bullish as we consider the retracement of the January-May decline. We look to medium-term USDCAD gains toward the 61.8% Fibo retracement at 1.3839.

gbpcaddailyGBPCAD is trading at the lower end of its one week range, making a fresh marginal low under 1.67. We remain focused on both the 50 and 100 day MA’s and note the potential for support at the ascending trend line off the October-November lows. We remain GBPCAD bulls above 1.64 and continue to highlight the risk of gains toward the mid-September high around 1.75.

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