USD/CAD: A net loss today is needed to support a stall/reversal signal – Scotiabank

Market news

4 August 2023

USD/CAD: A net loss today is needed to support a stall/reversal signal – Scotiabank

USD/CAD is little changed on the day. Economists at Scotiabank analyze the pair’s technical outlook.

Short-term USD trends remain positive

Short-term USD trends remain positive, with no evident signs of weakness in the intraday patterns. USD gains are starting to look a little stretched from a short-term point of view, however, and the daily candle chart does show a potential stalling signal developed Thursday – right on noted (major) resistance at 1.3375.

A net loss for the USD today is needed to support a stall/reversal signal.

Intraday support is 1.3325/30.

EUR/USD to develop a little more upside momentum on gains through 1.0955/65 – Scotiabank

Sterling to come under pressure if the inflation environment does not improve – Commerzbank

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