USD/CAD: Loonie has a lot of work to do to improve – Scotiabank

Market news

16 October 2023

USD/CAD: Loonie has a lot of work to do to improve – Scotiabank

The CAD is extending its late-week rebound against the USD. Economists at Scotiabank analyze USD/CAD outlook.

USD/CAD support extends to 1.3560/70

The USD does look overbought from a long run point of view which should curb topside movement in funds generally but the CAD has a lot of work to do to improve.

A net lower close on the week for the USD would be a broadly positive signal for the CAD but there’s a long way to go yet.

USD/CAD support extends to 1.3560/1.3570 on the downside.

Resistance is 1.3700/1.3710.

United States NY Empire State Manufacturing Index above forecasts (-7) in October: Actual (-4.6)

US Dollar starts off week asleep after last week’s questionable performance

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