USD/CAD: Little pressure on the downside in the next day or so – Scotiabank

USD/CAD holds last week’s losses to the mid-1.33s. The pair needs to crack 1.3295 to see further falls, economists at Scotiabank report.

Resistances align at 1.3380/90, then 1.3420

“USD/CAD closed net lower on the day Friday, forming a bearish outside range day. That should see spot put a little pressure on the downside in the next day or so but whether losses can extend to test trend support at 1.3295 remains to be seen.” 

“The prior week’s price action was USD-bullish (weekly outside range) which rather means that the CAD will have to better the early Feb low at 1.3262 to rally more sustainably.”

“We spot minor resistance at 1.3380/90 intraday ahead of 1.3420.”