USD/CAD: Intraday losses through 1.3465 should extend further back to the 1.34 area – Scotiabank

Market news

22 September 2023

USD/CAD: Intraday losses through 1.3465 should extend further back to the 1.34 area – Scotiabank

Loonie resists US Dollar’s advance. Economists at Scotiabank analyze the USD/CAD technical outlook.

The 1.3375/1.3395 area remains firm support

Spot gains through 1.35 were strongly rejected on the short-term chart on Thursday and funds retain a firm downward bias in the short run on the back of still bearishly-aligned DMI oscillators for the USD.

Intraday losses through 1.3465 should extend further back to the 1.34 area in the next day or so. The 1.3375/1.3395 area remains firm support, however.

Resistance is seen at 1.3500/1.3520.

USD Index: Door pretty wide open for some deeper consolidation ahead – Scotiabank

US Dollar locks in weekly gains backed by higher US yields

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