USD/CAD is finding it hard to advance – Scotiabank

Loonie is soft but little changed in the session. Economists at Scotiabank analyze USD/CAD outlook.

Losses below the 1.35 area target further retrenchment to 1.34

With no domestic data on tap and attention focused squarely on Fed Chairman Powell’s comments, the CAD remains at the mercy of external drivers – the overall USD tone and risk sentiment in the short run. 

The broader bull trend in the USD is looking pretty solid still but choppy price action suggests the USD is finding it hard to advance. 

Resistance is 1.3605 and, firmer, at 1.3665. 

Support is 1.3510.

Losses below the 1.35 area target further retrenchment to 1.34.