USD/CAD trades sideways around 1.3700. Economists at Scotiabank analyze the pair’s technical outlook.
Resistance is 1.3785
The USD’s push through resistance in the low 1.37 area earlier this week has not stuck, giving the impression of a ‘false break’ but the USD’s retreat has not yet been significant enough to ease upward pressure on funds more clearly from a technical point of view.
Intraday losses through 1.3695 should see the USD slip a little more obviously but perhaps only to 1.3600/1.3650 in the short run.
Resistance is 1.3785.
Source: https://www.fxstreet.com/news/usd-cad-to-slip-a-little-more-obviously-on-losses-through-13695-scotiabank-202310061104