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- USD/CAD can push on to retest the March high of 1.3860 in the short run – Scotiabank
USD/CAD can push on to retest the March high of 1.3860 in the short run – Scotiabank
USD/CAD is on the cusp of testing the 1.38 level. Economists at Scotiabank analyze the pair’s outlook.
Trend higher remains well-supported by bullish trend momentum signals
While the USD trend higher remains well-supported by bullish trend momentum signals, these oscillators also reflect a degree of stretch in the USD’s latest move up.
The 1-hour and 6-hour RSI measures are also showing clear signs of diverging with higher spot levels which can be a warning sign of a correction. But there is not much else to suggest the USD cannot push on to retest 1.3860 – the March high – in the short run.
Support is 1.3700/1.3710.
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