• USD/CAD: Unlikely to extend the rally beyond the 1.33 level – Scotiabank

Market news

1 August 2023

USD/CAD: Unlikely to extend the rally beyond the 1.33 level – Scotiabank

USD/CAD pushes through mid-1.32s. Economists at Scotiabank analyze the pair’s outlook.

Additional gains towards 1.33 may follow

A clear move through the mid-1.32s raises the risk of a push on to a 1.33 handle but that may be the most we can expect at the moment.

The charts still reflect strong resistance overhead at 1.3350/60. 

Support is 1.3210. 

See: 

  • USD/CAD to move lower in the coming weeks and break through support at 1.31 – HSBC

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

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