• USD/CAD: Push under 1.3605 to trigger a move to the low 1.35 area – Scotiabank

Market news

18 tháng 10 2023

USD/CAD: Push under 1.3605 to trigger a move to the low 1.35 area – Scotiabank

USD/CAD little changed in low 1.36s. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.

More range trading in the near term

Short-term patterns suggest a firm block on USD/CAD around 1.3690/1.3700 and support sitting just above 1.36, the low from earlier this week.

Trend momentum signals are flat, supporting the outlook for more range trading in the near term. The USD still appears a bit more vulnerable to a downside move to me, however.

The intraday charts are setting up a possible double top pattern (1.37) which a push under 1.3605 will trigger for a move to the low 1.35 area. Major support (trend and 200-DMA) is still well below here at 1.3465, however.

 

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
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.