USD/CAD pushed support in the upper 1.34 area. Economists at Scotiabank analyze the pair’s outlook.
Losses through firm USD support in the upper 1.34 area point to more weakness in the near-term at least.
Short-term trend momentum is picking up more obviously, with the intraday and daily DMIs aligned bearishly for the USD.
USD/CAD should run lower to test 1.3393 (50% retracement of the July/September move up) which coincides with the early July spike high. A break below here puts the low 1.32s on the radar.
USD resistance is 1.3490/1.3495.