FX ranges to watch – Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that most currencies have continued to trade within their month long ranges, further highlighting the key levels.

Key Quotes

“Most currencies continue to trade within month long ranges.”

“The ranges to watch are highlighted below:

EURUSD: 1.1098 to 1.1542 (on the weekly chart 1.1563 is key).

USDCAD: 1.2314 to 1.2799

GBPUSD: 1.4952 to 1.5584

USDJPY: 115.57 to 121.85

AUDUSD: 0.7626 to 0.7889

USDNOK: 7.4496 to 7.8745”

“It will be a break of these ranges, particularly if it is in unison that will be important.”

“Other asset classes, including U.S. yields, oil and equities have broken out of their ranges.”

“The shift in yields in USD positive, but the shift in oil and equities is less constructive.”

“Our base case continues to be USD strength into year‐end.”