USD/CAD moves back to the 1.3600 area. Economists at Scotiabank analyze the pair’s outlook.
Support remains 1.3540/1.3550
Spot gains back to the 1.3600 area are putting a little more pressure on last week’s highs and the reversal (‘evening star’ pattern) highlighted on Monday.
A push to new short-term highs negates the reversal formation and will renew the underlying strength in the USD for a push on to the mid/upper 1.3600s.
Support remains 1.3540/1.3550.
See – USD/CAD: Loonie to weaken further before a turnaround in H2 – CIBC
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