USD/CAD: Firm resistance is likely to emerge between 1.3350 and 1.3375 – Scotiabank

Market news

2 August 2023

USD/CAD: Firm resistance is likely to emerge between 1.3350 and 1.3375 – Scotiabank

The Canadian Dollar is softer on the day. Economists at Scotiabank analyze USD/CAD outlook.

Gains through to a 1.33 handle may develop a little more now

CAD losses are extending a little more as the USD establishes a foothold above minor resistance around 1.3275 – now support.

Gains through to a 1.33 handle may develop a little more now, with trend momentum positive on the intraday chart.

Firm resistance is likely to emerge between 1.3350 and 1.3375.

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

EUR/USD: Losses through 1.0925 will point to a more sustained drop in all likelihood – Scotiabank

Gold Price Forecast: Shifting expectation of the Fed terminal rate could cap XAU/USD’s rise – ANZ

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