USD/CAD to remain firm or perhaps strengthen a bit more – Scotiabank
USD/CAD’s rebound from the mid-1.3500s reached on Tuesday has extended to the low 1.3600s again. Economists at Scotiabank analyze the pair’s outlook.
Support remains at 1.3550
Spot gains from the intraday low on Tuesday have returned the USD to the recent range peaks around 1.3600/1.2610 but the lift in funds has given momentum a slightly more positive undertone on the intraday chart which tilts risks to the USD remaining firm or perhaps strengthening a bit more.
On the face of it, resistance around the figure has been solid but the CAD needs to do more work to remove the risk of the USD rebound extending (potentially towards the low 1.3700s).
Support remains 1.3550 and (firmer) 1.3450/1.3455.
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