USD/CAD: Narrow range trade around the 1.37 point – Scotiabank

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24 October 2023

USD/CAD: Narrow range trade around the 1.37 point – Scotiabank

USD/CAD holds a narrow range around 1.37. Economists at Scotiabank analyze the pair’s outlook.

No real directional momentum evident

Short-term trading patterns reflect a narrow range trade around the 1.37 point, with no real directional momentum evident on the short-term oscillators.

The broader uptrend in the USD remains intact but there has been no incentive to push funds either way decisively since early in the month.

Resistance is 1.3745/1.3750 and 1.3785/1.3790.

Support is 1.3650 and 1.3570.

See: USD/CAD to shift back toward the lower end of the range near 1.34 – TDS

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