USD/CAD: Further weakness below 1.3590 targets 1.3490/1.3500 – Scotiabank

Market news

28 November 2023

USD/CAD: Further weakness below 1.3590 targets 1.3490/1.3500 – Scotiabank

Loonie is a moderate outperformer on the session. Economists at Scotiabank analyze the USD/CAD pair outlook.

Tech momentum turns bearish

USD/CAD losses through daily trend/channel support around 1.3660/1.3665 this week are putting the CAD in a good position to extend gains.

Intraday and daily trend momentum oscillators are weak but do signal an intensifying move lower is developing as the USD pressures retracement support at 1.3590 (38.2% Fibonacci of the July/November USD rally). Further weakness below here targets 1.3490/1.3500.

Month-end flows may be helping the CAD along a little in the short run.

United States Richmond Fed Manufacturing Index below expectations (1) in November: Actual (-5)

EUR/USD Price Analysis: Immediately to the upside comes 1.1000

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