USD/CAD: Upside potential should be limited to the upper 1.37s – Scotiabank

Market news

7 November 2023

USD/CAD: Upside potential should be limited to the upper 1.37s – Scotiabank

USD/CAD is rebounding swiftly. Economists at Scotiabank analyze the pair’s outlook.

A firm ceiling sits on top of USD/CAD now at 1.39

Trend signals have turned neutral which suggests choppier range trading may develop in the near term.

The salient feature of the USD/CAD chart remains the big, bearish key reversal signal on the weekly chart, however, which rather suggests the USD’s upside potential should be limited (to the upper 1.37s) and that a firm ceiling sits on top of USD/CAD now at 1.39.

Intraday support is 1.3710/1.3720.

EUR/JPY Price Analysis: Extra gains remain on the cards

United States Redbook Index (YoY) down to 3.1% in November 3 from previous 5.3%

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