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
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
