USD/CAD: Losses appear reluctant to extend much below 1.3810/1.3820 – Scotiabank

USD/CAD holds in low 1.38s. Economists at Scotiabank analyze the pair’s outlook.

Loonie needs to regain 1.3780/1.3785 to challenge the base of the USD’s short-term bull channel

The basics of the intraday and daily chart – trend and trend momentum – are still aligned bullishly for the USD. 

The CAD needs to regain 1.3780/1.3785 to challenge the base of the USD’s short-term bull channel but USD losses appear reluctant to extend much below 1.3810/1.3820 so far in the session. 

Resistance is 1.3855 and 1.3880.