USD/CAD: Weakness through support at 1.3765 should see losses extend toward the low 1.37 zone – Scotiabank

CAD losses against the US Dollar are minimal. Economists at Scotiabank analyze the USD/CAD outlook.

Short-term USD gains remain a technical sell

Spot gains are showing signs of slowing and perhaps stalling intraday as the USD/CAD pair tests the 61.8% retracement of the past week’s slide. 

USD/CAD weakness through support at 1.3765 should see losses extend a little more toward the low 1.37 zone. 

Short-term USD gains remain a technical sell, given last week’s big, bearish weekly reversal signal of the 1.39 point.