USD/CAD pushed support in the upper 1.34 area. Economists at Scotiabank analyze the pair’s outlook.
USD/CAD should run lower to test 1.3393
Losses through firm USD support in the upper 1.34 area point to more weakness in the near-term at least.
Short-term trend momentum is picking up more obviously, with the intraday and daily DMIs aligned bearishly for the USD.
USD/CAD should run lower to test 1.3393 (50% retracement of the July/September move up) which coincides with the early July spike high. A break below here puts the low 1.32s on the radar.
USD resistance is 1.3490/1.3495.
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