USD/CAD to test the 1.33 zone on a break under 1.3395 – Scotiabank
|Loonie eases off Tuesday’s high. Economists at Scotiabank analyze USD/CAD outlook.
Rebound through 1.3495/1.3500 will drive a deeper rally towards the upper 1.35s
Spot rebounded from support at 1.3395 on Tuesday but gains have not extended too far and the USD is holding below resistance at 1.3495 – minor trend support-turned-resistance and the 40-DMA. These two points on the short-term chart will likely direct spot towards its next ~ 100 bps move.
A break under 1.3395 should see spot test the 1.33 zone.
A rebound through 1.3495/1.3500 will drive a deeper rebound towards the upper 1.35s.
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