USD/CAD: There is no major support ahead of a return to 1.3093 – Scotiabank

Market news

22 December 2023

USD/CAD: There is no major support ahead of a return to 1.3093 – Scotiabank

The Canadian Dollar has had a solid week. Economists at Scotiabank analyze USD/CAD outlook.

Short-term resistance is 1.3315/1.3320

Minor new lows for USD/CAD keep the short and longer run technical outlook bearish.

Spot is heading for a close below weekly trend support at 1.3335, below the 76.4% Fibonacci support of the July – November decline at 1.3283 and might be able to close out the week below the 100-week MA (a decent bellwether for the broader trend) at 1.3281 for the first time since last June.

There is no major support for the USD (aside from some congestion in the 1.3140/1.3170 area) ahead of a return to 1.3093.

Short-term resistance is 1.3315/1.3320 and 1.3360/1.3370.

Canada: GDP stalls in October vs. 0.2% expansion expected

US Durable Goods Orders rise 5.4% in November vs 2.2% expected

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.