USD/CAD: Intraday losses through 1.3465 should extend further back to the 1.34 area – Scotiabank

Loonie resists US Dollar’s advance. Economists at Scotiabank analyze the USD/CAD technical outlook.

The 1.3375/1.3395 area remains firm support

Spot gains through 1.35 were strongly rejected on the short-term chart on Thursday and funds retain a firm downward bias in the short run on the back of still bearishly-aligned DMI oscillators for the USD.

Intraday losses through 1.3465 should extend further back to the 1.34 area in the next day or so. The 1.3375/1.3395 area remains firm support, however. 

Resistance is seen at 1.3500/1.3520.