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- USD/CAD to dive toward 1.34 on a break below the 1.35 area – Scotiabank
USD/CAD to dive toward 1.34 on a break below the 1.35 area – Scotiabank
CAD has extended gains on USD to low 1.35s. Economists at Scotiabank analyze Loonie’s outlook.
Soft undertone into the end of the week
USD/CAD gains were capped in the low 1.36s on Thursday and the CAD’s firm rebound from its intraday low leaves the USD trading with a soft undertone into the end of the week.
USD/CAD losses extended to test the 200-DMA area (1.3517) earlier while the USD has steadied, the absence of a more significant rebound keeps the technical focus on the downside and a test of the figure area (50% Fib retracement of the July/November rally at 1.3495). A push through here targets 1.34.
Resistance is 1.3600/1.3620 and 1.3650/1.3660.
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