USD/CAD: Technical momentum is mildly bearish – Scotiabank

Market news

12 March 2024

USD/CAD: Technical momentum is mildly bearish – Scotiabank

USD/CAD edges slightly lower. Economists at Scotiabank analyze the pair’s outlook.

Firm resistance at 1.3510/1.3520

Risk appetite looks relatively constructive in Asia (ex-Japan) and Europe while US equity futures are narrowly mixed. Crude is trading firmer on the session. These are mild positives for the CAD.

Technical momentum is mildly USD-bearish.

The pair eased back sharply from Monday’s intraday peak, leaving a negative tone to short-term price signals while shorter-term DMI oscillators are aligned bearishly for the USD. That should mean firm resistance at 1.3510/1.3520 intraday (strong resistance at 1.3600/1.3610 more generally).

Support is 1.3420.

United States Consumer Price Index ex Food & Energy (MoM) above expectations (0.3%) in February: Actual (0.4%)

GBP/USD: Gains could resume on a rebound back above 1.2815/1.2820 – Scotiabank

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