USD/CAD needs to either break well through 1.3250 or 1.3150 to make clearer directional progress – Scotiabank

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31 July 2023

USD/CAD needs to either break well through 1.3250 or 1.3150 to make clearer directional progress – Scotiabank

USD/CAD is stuck in a familiar range. Economists at Scotiabank analyze the pair’s outlook.

More range trading appears likely in the near-term

Spot is holding in the same consolidation range and the same technical considerations are as relevant today as last week.

There appears to be firm resistance to USD/CAD advances through the low/mid 1.32s while bearish breakout support remains at 1.3160.

The USD needs to either break well through 1.3250 or 1.3150 to make clearer directional progress.

See – USD/CAD: Economic data and their impact should be the primary driver in the near term – Scotiabank

USD/MYR: No changes to the consolidative mood – UOB

USD/CAD declines towards 1.3200 as US Dollar extends correction ahead of US Factory PMI

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