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- USD/CAD: Loonie remains at risk of some short-term losses – Scotiabank
USD/CAD: Loonie remains at risk of some short-term losses – Scotiabank
CAD holds losses around 1.38 against the US Dollar but under tone remains soft, economists at Scotiabank report.
Underlying trend momentum remains bullish
The 6-hour chart reflects a minor bearish outside range signal which implies a minor high at 1.3820.
The USD is quite heavily overbought on the basis of the intraday and daily stochastics but underlying trend momentum remains bullish.
A more forceful turn lower in the USD is needed to put a ceiling on gains.
Support is 1.3740/1.3750 intraday.
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