USD/CAD: Sharp push higher is losing some momentum – Scotiabank

The Canadian Dollar has improved slightly so far today. Economists at Scotiabank analyze USD/CAD outlook. 

Sustained gains above 1.3450 would open the door to more strength toward 1.3625

Short-term price signals suggest the USD’s sharp push higher is losing some momentum but USD gains are holding, just about, around the former resistance point at 1.3540, which now serves as USD support.

USD/CAD losses back through the low 1.3500s would undercut near-term USD momentum further. Sustained gains above 1.3450 would open the door to more USD strength toward 1.3625, however.