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.
“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.”