USD/CAD will shortly have another run at support at 1.3100/20 – Scotiabank

Market news

24 July 2023

USD/CAD will shortly have another run at support at 1.3100/20 – Scotiabank

USD/CAD holds range around 1.32 in quiet trade. Economists at Scotiabank analyze the pair’s outlook.

Short-term patterns underscore firm USD resistance around 1.3225

Minor gains for the CAD on the session so far reinforce – at least in the short run – resistance in the low 1.32 zone but extend the recent pattern of flat, sideways range trading around the figure area a little longer.

Short-term patterns underscore firm USD resistance around 1.3225 and the daily and weekly DMI oscillators continue to trend negatively for the USD, which helps account for USD/CAD’s inability to rally significantly. It should also mean that it will shortly have another run at support at 1.3100/20.

United States Chicago Fed National Activity Index came in at -0.32 below forecasts (0.03) in June

Mexico 1st half-month Core Inflation above forecasts (0.22%) in July: Actual (0.24%)

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