USD/CAD strong resistance seen at 1.3600 – Scotiabank

FX Strategists at Scotiabank noted the pair’s short term outlook remains bullish with a tough barrier around the 1.3600 handle.

Key Quotes

“The technical picture for USDCAD turned more obviously bullish on last week’s move above 1.34; sustained gains through the 1.35 area enhance medium-term upside risks towards the 1.39/1.40 range, we think”.

“Intraday patterns suggest the USD is consolidating the push higher from the 1.35 area late yesterday. We look for firm technical support on dips to the 1.3525/45 range intraday and spot resistance at 1.36, the late 2016 high”.