USD/CAD: WEAKNESS THROUGH SUPPORT AT 1.3765 SHOULD SEE LOSSES EXTEND TOWARD THE LOW 1.37 ZONE – SCOTIABANK
CAD losses against the US Dollar are minimal. Economists at Scotiabank analyze the USD/CAD outlook.
Short-term USD gains remain a technical sell
Spot gains are showing signs of slowing and perhaps stalling intraday as the USD/CAD pair tests the 61.8% retracement of the past week’s slide.
USD/CAD weakness through support at 1.3765 should see losses extend a little more toward the low 1.37 zone.
Short-term USD gains remain a technical sell, given last week’s big, bearish weekly reversal signal of the 1.39 point.
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