USD/CAD: A renewed push under 1.34 to test key support at 1.3380/1.3390 looks likely – Scotiabank
|The CAD has finally found a little traction to edge up to the low 1.34 area against a generally softer USD. Economists at Scotiabank analyze USD/CAD outlook.
Push to low 1.34 area may extend
A renewed push under the 1.34 level to test key support at 1.3380/1.3390 looks likely based on price action and building short-term, bear-trend momentum.
DMI signals are aligning bearishly for the USD across shorter-term timeframes which tilts risks towards a sustained push lower (1.32/1.33 on the radar).
Resistance is 1.3470/1.3475.
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