Scotiabank stock price forecast: C$109.50 resistance holds as BNS trades flat

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Scotiabank up 0.30% at C$106.95 today

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Jainam Mehta

08.05.2026

Scotiabank stock price forecast: C$109.50 resistance holds as BNS trades flat — Scotiabank up 0.30% at C$106.95 today

The Bank of Nova Scotia (BNS) is trading at C$106.95, up 0.30% on the day. The current price is positioned firmly above its key moving averages, reflecting broad momentum strength across timeframes.

BNS price prediction

24H 0.32%

CA$ 113.55

48H 0.8%

CA$ 114.09

7D 0.85%

CA$ 114.15

1M 5.19%

CA$ 119.06

3M 9.89%

CA$ 124.39

6M 32.63%

CA$ 150.12

12M 52.28%

CA$ 172.37

Detailed

Current price: CA$ 113.19 1.79 1.60%

Real-time Data 15:07

Daily range 111.81

113.27

Weekly range 108.62

112.22

Highlights

Scotiabank's repeated top ESG ranking in North America and Dow Jones Best-in-Class Index inclusion are elevating institutional interest and strengthening ESG investor demand.
The bank's withdrawal of 2030 and 2050 emissions targets in favor of transparent energy financing disclosures highlights a strategic recalibration in its sustainability approach.
Bullish technical momentum prevails with price projected to consolidate between C$104.50 and C$109.50, supported by strong trend signals and high probability of further gains.

ESG accolades and target shift drive institutional flows and sentiment

Scotiabank's recognition as the top scoring bank in North America for the third consecutive year, alongside its inclusion in the Dow Jones Best-in-Class Index as of May 8, 2026, has driven increased institutional attention and positioned the bank as a leader in ESG performance. This accolade is likely attracting greater demand from ESG-focused investors, supporting positive sentiment around the stock. Additionally, the bank's mid-April decision to withdraw its 2030 and 2050 greenhouse gas emissions reduction targets in favor of disclosing its Energy Supply Banking Ratio, with 60% of energy financing directed to fossil fuels, signals both a recalibration of sustainability commitments and a move toward greater transparency, keeping market focus on Scotiabank’s evolving long-term positioning.

Firm price action as buyers dominate amid overbought technicals

The current price of C$106.95 stands above the SMA-20 (C$104.03), SMA-50 (C$100.07), and SMA-200 (C$94.74), while the Ichimoku Kijun at C$101.90 aligns with immediate support. MACD continues to confirm ongoing upward strength, and ADX on the daily chart reflects a neutral-to-constructive trend backdrop. RSI at 64.20 and CCI in overbought territory advise some caution in the short term. Stoch RSI remains neutral, while Bull/Bear Power indicates clear buyer dominance intraday, a reading echoed by the Awesome Oscillator. A minimal gap occurred at the open, and the price hovers near today’s high as volatility remains moderate — intraday strength is firm.

Breakout potential rises as consolidation persists near resistance

Over the next five days, the price is most likely to consolidate within a typical volatility band of C$104.50 to C$109.50. Based on strong signals from the RSI, ADX, MACD, and the weekly MA-50, there is a greater than 80% probability of a continued upward move, while the chance of a pullback appears low. Baseline expectations call for sideways movement within the corridor. If buyers overcome resistance, a break above C$109.50 may prompt a move toward new highs. Conversely, a breach of the immediate support at C$101.90 could see short-term corrective pressure, potentially testing C$104.50 before buyer interest resumes.

Anton Kharitonov, expert at Traders Union, sees Scotiabank’s recent ESG recognition and index inclusion as a near-term catalyst driving institutional demand. He notes the price is well supported by strong technical momentum but remains cautious given overbought signals and recent withdrawal of emissions targets. The base case is continued consolidation above C$101.90 unless technical supports break. "Until C$101.90 is lost, I expect rangebound action with buyers in control, but I’m wary of chasing new highs at these levels."

Earlier, analysts noted that Scotiabank was maintaining a bullish trend fueled by technical strength, while shifts in its energy financing strategy raised potential implications for sentiment and risk. The current backdrop not only reinforces the positive momentum but also introduces heightened interest from ESG-focused investors, making a sustained move above recent resistance a key trigger to watch for further upside.

Source of Data: BNS Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.