USD/CAD: Key, short-term support is 1.3500 while resistance is 1.36 – Scotiabank

FXStreet Insights Team FXStreet

USD/CAD is seemingly stuck in a tight range in the mid/upper 1.35s. Economists at Scotiabank analyze the pair’s outlook.

Short-term charts suggest some softness in trend momentum

Firmer energy prices are not having any obvious, positive impact on the CAD at the moment but they might add marginally to CAD tailwinds if the USD slips back.

Short-term charts suggest some softness in trend momentum and another, bearish leaning consolidation pattern developing overnight which might cue up further, minor losses in the USD on a push under 1.3550.

Key, short-term support is 1.3500 while resistance is 1.36.

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FXStreet Insights Team

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