USD/CAD: Extension of the recent 1.31/1.33 chop may develop – Scotiabank

Market news

20 July 2023

USD/CAD: Extension of the recent 1.31/1.33 chop may develop – Scotiabank

USD/CAD turns neutral within 1.31/1.33 range, economists at Scotiabank report.

USD/CAD’s technical tone has turned neutral

The broader range for USD/CAD is well-defined by technical resistance at 1.3350/75 and support at 1.3105/15.

Shorter-term trend momentum has weakened – to neutral on the daily DMI – and an extension of the recent 1.31/1.33 chop in spot may develop from here.

USD/CAD trends remain bearish from a longer run point of view following the USD’s break under long run trend support (1.3350 on the weekly chart).

USD/CAD will have to gain through 1.3385/90 to show more obvious technical strength at this point.

USD/TRY approaches 27.00 post-CBRT

Risks of NZD underperformance relative to other G10 currencies – MUFG

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