USD/CAD: Losses appear reluctant to extend much below 1.3810/1.3820 – Scotiabank

Market news

31 October 2023

USD/CAD: Losses appear reluctant to extend much below 1.3810/1.3820 – Scotiabank

USD/CAD holds in low 1.38s. Economists at Scotiabank analyze the pair’s outlook.

Loonie needs to regain 1.3780/1.3785 to challenge the base of the USD’s short-term bull channel

The basics of the intraday and daily chart – trend and trend momentum – are still aligned bullishly for the USD.

The CAD needs to regain 1.3780/1.3785 to challenge the base of the USD’s short-term bull channel but USD losses appear reluctant to extend much below 1.3810/1.3820 so far in the session.

Resistance is 1.3855 and 1.3880.

USD Index Price Analysis: No changes to the range bound trade

Canada Gross Domestic Product (MoM) registered at 0%, below expectations (0.1%) in August

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