USD/CAD: Clear break through 1.3250 still needed to drive more strength – Scotiabank

USD/CAD gains extended marginally to near 1.3250. Economists at Scotiabank analyze the pair’s technical outlook.

Losses through 1.3215/20 should push USD/CAD back to the upper 1.31 area

Broader USD gains have lifted spot away from the mid-1.31 (bear) consolidation range base tested on Thursday and tilt risks marginally towards more USD strength in the short run. But a clear break through 1.3250 is still needed to drive more USD strength. 

Intraday support is 1.3215/20; losses through here should push the USD back to the upper 1.31 area.