USD/CAD to give up a little more ground to low/mid-1.34s on weakness below 1.3490 – Scotiabank

Market news

28 September 2023

USD/CAD to give up a little more ground to low/mid-1.34s on weakness below 1.3490 – Scotiabank

Loonie is underperforming but that essentially means no movement in USD/CAD around the 1.35 level. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.

USD/CAD remains in consolidation mode

Technically, USD/CAD remains in consolidation mode; gains extended a little more than I had expected on Wednesday but price action still appears to be consolidating (bear wedge/flag pattern) after the mid-September slide in the USD.

Weakness below short-term support at 1.3490 should see the USD give up a little more ground to low/mid-1.34s.

Resistance is 1.3540/1.3550.

Mexico Jobless Rate came in at 3% below forecasts (3.2%) in August

GBP/USD needs to surpass 1.2350 to show more meaningful technical strength – Scotiabank

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