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USD/CAD: UPSIDE POTENTIAL SHOULD BE LIMITED TO THE UPPER 1.37S – SCOTIABANK

Alan xi
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USD/CAD is rebounding swiftly. Economists at Scotiabank analyze the pair’s outlook.

A firm ceiling sits on top of USD/CAD now at 1.39

Trend signals have turned neutral which suggests choppier range trading may develop in the near term. 

The salient feature of the USD/CAD chart remains the big, bearish key reversal signal on the weekly chart, however, which rather suggests the USD’s upside potential should be limited (to the upper 1.37s) and that a firm ceiling sits on top of USD/CAD now at 1.39. 


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