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22 Jan 2024

USD/CAD: Congestion support in the 1.3350/1.3400 zone may slow losses – Scotiabank

The CAD was softer against a broadly stronger USD over the past week. Economists at Scotiabank analyze USD/CAD outlook.

Bearish near-term technical undertone

1) spot is trading close to fair value but factors are moving against the CAD in the model. 2) Risk appetite (i.e., equities) remains a key influence on short-term CAD movement and the rising rate environment and tense geo-political backdrop suggest some headwinds at least for stocks. 3) The USD rebound is nowhere near overextended, according to the TRIX oscillator. Overall, risks appear to be tilted towards a bit more CAD softness in the near-term at least.

Minor new lows for the USD today keep the near-term technical undertone for USD/CAD bearish below short-term bull channel support at 1.3440 and make last week’s failure at 1.3540 Fibonacci resistance look all the more meaningful now. 

Congestion support in the 1.3350/1.3400 zone may slow USD losses from here. 

Resistance is 1.3445/1.3450.

 

Jan 22, 2024

The recovery in the USD has a bit more to go – Scotiabank

The US Dollar (USD) is narrowly mixed in quiet trade. Economists at Scotiabank analyze Greenback’s outlook.
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Jan 22, 2024

USD to stay support as the Fed navigates the current economic landscape cautiously – DBS

The US Dollar Index (DXY) remains underpinned after surpassing 103.00 last week.
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