USD/CAD is stuck in a familiar range. Economists at Scotiabank analyze the pair’s outlook.
More range trading appears likely in the near-term
Spot is holding in the same consolidation range and the same technical considerations are as relevant today as last week.
There appears to be firm resistance to USD/CAD advances through the low/mid 1.32s while bearish breakout support remains at 1.3160.
The USD needs to either break well through 1.3250 or 1.3150 to make clearer directional progress.
See – USD/CAD: Economic data and their impact should be the primary driver in the near term – Scotiabank
Source: https://www.fxstreet.com/news/usd-cad-needs-to-either-break-well-through-13250-or-13150-to-make-clearer-directional-progress-scotiabank-202307311158