CAD/MXN to drop towards 15.60 on a weekly close under major support at 15.89 – Scotiabank

CAD/MXN tests major weekly support at 15.89. A weekly close below here would open up additional losses to the 15.60 area, economists at Scotiabank report.

CAD/MXN to recover some ground on a weekly close above 15.89

“A weekly close below 15.89 should be enough to maintain pressure on the CAD in the near-term and drive the cross back to the 15.60 area – lows from the middle of last year.”

“If 15.89 holds through the close of the week, the CAD/MXN may be able to recover some ground but a move back above 16.20/25 is needed to confer any sort of near-term technical strength on this market.”