USD/CAD: Key, short-term support is 1.3500 while resistance is 1.36 – Scotiabank

Market news

13 September 2023

USD/CAD: Key, short-term support is 1.3500 while resistance is 1.36 – Scotiabank

USD/CAD is seemingly stuck in a tight range in the mid/upper 1.35s. Economists at Scotiabank analyze the pair’s outlook.

Short-term charts suggest some softness in trend momentum

Firmer energy prices are not having any obvious, positive impact on the CAD at the moment but they might add marginally to CAD tailwinds if the USD slips back.

Short-term charts suggest some softness in trend momentum and another, bearish leaning consolidation pattern developing overnight which might cue up further, minor losses in the USD on a push under 1.3550.

Key, short-term support is 1.3500 while resistance is 1.36.

The intraday undertone for the GBP is weak – Scotiabank

United Kingdom NIESR GDP Estimate (3M): 0.2% (August) vs previous 0.3%

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.