USD/CAD is nearing technical support at 1.3495. Economists at Scotiabank analyze the pair’s outlook.
A minor peak/reversal may be developing
USD/CAD is trading lower in the session and, if the market closed right here, it would be the USD’s biggest intraday loss since the end of July.
The USD has been on a bit of a tear and so we are loath to read too much into intraday losses at the moment. However, short-term price action does suggest a minor peak/reversal may be developing at least on the intraday chart from the mid-1.35 intraday high and spot is challenging short-term trend support at 1.3495 – off the July 31 low.
A clear push under 1.3495 may see USD losses pick up a little more momentum toward the low/mid 1.34s
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