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- USD/CAD: Loonie has a lot of work to do to improve – Scotiabank
USD/CAD: Loonie has a lot of work to do to improve – Scotiabank
The CAD is extending its late-week rebound against the USD. Economists at Scotiabank analyze USD/CAD outlook.
USD/CAD support extends to 1.3560/70
The USD does look overbought from a long run point of view which should curb topside movement in funds generally but the CAD has a lot of work to do to improve.
A net lower close on the week for the USD would be a broadly positive signal for the CAD but there’s a long way to go yet.
USD/CAD support extends to 1.3560/1.3570 on the downside.
Resistance is 1.3700/1.3710.
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