USD/CAD: Corrective potential may extend to the 1.3450/1.3550 range – Scotiabank

USD/CAD edges slightly lower after 1.34+ rebuff. Economists at Scotiabank analyze the pair’s outlook.

Underlying uptrend in place since the turn of the year remains intact

Momentum is weak and the underlying uptrend in place since the turn of the year remains intact. That should mean USD support around 1.3350/1.3360.

A firm close on the week through last Friday continues to tilt broader risks to the topside and should also help limit scope for USD/CAD losses in the short run.

Corrective potential may extend to the 1.3450/1.3550 range in the next few weeks.

Jan 10, 2024

GBP/USD: Potential for a drop back to 1.2370/1.2380 on a break under 1.2600 – Scotiabank

GBP/USD recovers its early losses but may struggle to extend, economists at Scotiabank report 1.2600 is key support Solid Sterling gains from the daily low just under 1.27 cast a positive light on near-term price action but there has been little follow through demand through the low 1.27s and broader trading patterns still lean somewhat bearish for the Pound’s outlook.

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Jan 10, 2024

USD/CAD Price Analysis: At make or a break below 1.3400

The USD/CAD pair falls slightly to near 1.370 after failing to sustain above the round-level resistance of 1.3400.

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USD/CAD: Corrective potential may extend to the 1.3450/1.3550 range – Scotiabank

Underlying uptrend in place since the turn of the year remains intact

GBP/USD: Potential for a drop back to 1.2370/1.2380 on a break under 1.2600 – Scotiabank

USD/CAD Price Analysis: At make or a break below 1.3400