USD/CAD: A renewed push under 1.34 to test key support at 1.3380/1.3390 looks likely – Scotiabank

The CAD has finally found a little traction to edge up to the low 1.34 area against a generally softer USD. Economists at Scotiabank analyze USD/CAD outlook.

Push to low 1.34 area may extend

A renewed push under the 1.34 level to test key support at 1.3380/1.3390 looks likely based on price action and building short-term, bear-trend momentum. 

DMI signals are aligning bearishly for the USD across shorter-term timeframes which tilts risks towards a sustained push lower (1.32/1.33 on the radar). 

Resistance is 1.3470/1.3475.