The loonie holds up relatively well against the stronger US dollar. However, economists at Scotiabank believe that the USD/CAD is set to test the 1.3650 resistance.

Minor dips to find support in the upper 1.34s/low 1.35s

“The CAD is finding a little support around the 1.3550 zone intraday but this all feels a bit arbitrary, with the USD operating with an extreme momentum tailwind.”

“Minor USD dips are likely to find support in the upper 1.34s/low 1.35s.”

“Risk remains to 1.3650 on the charts (Fib retracement resistance) but the chances of additional USD gains deeper into overshoot territory are high at this point.”

 

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