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USD/CAD: Losses must extend below 1.3540 to put any kind of technical pressure – Scotiabank

The USD/CAD pair is trading little changed on the session. Scotiabank economists analyze the pair's outlook.

Further strength in commodity prices may give CAD reason to improve

Further strength in commodity prices could give the CAD reason to improve but for now, negative spreads and changing risk appetite appear to keep it limited.

USD uptrend in early 2024 remains intact on the chart Short-term price action suggests some resistance developing around the 1.3600 point. The high upper shadows on the daily candlestick chart imply firm selling pressure on USD gains above the figure.

The intraday chart shows a clear bearish rejection of Thursday's momentum towards the figure zone. However, the trend remains bullish and spot losses should extend below 1.3540 to put some technical pressure on the dollar.

Source: Fx Street

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