USD/CAD: Loonie remains at risk of some short-term losses – Scotiabank

Market news

26 October 2023

USD/CAD: Loonie remains at risk of some short-term losses – Scotiabank

CAD holds losses around 1.38 against the US Dollar but under tone remains soft, economists at Scotiabank report.

Underlying trend momentum remains bullish

The 6-hour chart reflects a minor bearish outside range signal which implies a minor high at 1.3820.

The USD is quite heavily overbought on the basis of the intraday and daily stochastics but underlying trend momentum remains bullish.

A more forceful turn lower in the USD is needed to put a ceiling on gains.

Support is 1.3740/1.3750 intraday.

USD Index Price Analysis: Further gains target the 2023 peak

EUR/JPY Price Analysis: Minor support emerges at 158.00

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.