USD/CAD: Scope for losses looks limited – Scotiabank

The CAD had another poor week. Economists at Scotiabank expect the Loonie to continue struggling to gain ground.

CAD’s soft tone set to persist

“Technical pointers suggest the USD will remain well-supported and that minor dips remain a buy from a chart perspective.”

“Bull trend dynamics are evident across the short, medium and longer-term charts.”

“Support is 1.3535/55 (I would expect that to hold early this week, at least).”

“Resistance is 1.3665, ahead of 1.3700/10 and 1.3830.” 

See: USD/CAD: New year-end target revised higher to 1.32 – NFB