USD/CAD: Short-term chart patterns are turning a little more USD-supportive – Scotiabank

USD/CAD climbs back to the low 1.36s. Economists at Scotiabank analyze the pair’s outlook.

Support intraday is 1.3570/1.3575

Canada gets an update on GDP today. Industry-level output for September is expected to come in flat. Q3 GDP is expected to gain a feeble 0.1% (SAAR) after falling 0.2% in Q2. Soft data will not help the CAD.

Short-term chart patterns are turning a little more USD-supportive. But USD gains have not – yet anyway – stretched meaningfully above levels (resistance in the 1.3610/1.3615 zone) that would imply potential for the USD rebound to stretch to 1.3650/1.3560 where firmer resistance should be expected.

Support intraday is 1.3570/1.3575 and 1.3540/1.3550.