USD/CAD cracked technical resistance. Economists at Scotiabank analyze the pair’s outlook.
Intraday support on minor dips to 1.3475/1.3480
USD/CAD gains through noted resistance at 1.3440/1.3450 pave the way for more, corrective gains in the USD in the short run.
The USD has a clear technical path towards 1.3540 (50% Fibonacci retracement of the Q4 USD sell-off), with a fuller recovery to 1.3624 (61.8% Fibonacci) not to be ruled out.
Look for support on minor dips to 1.3475/1.3480 intraday (200-DMA at 1.3479), with stronger support at 1.3440/1.3450.
Source: https://www.fxstreet.com/news/usd-cad-clear-technical-path-towards-13540-scotiabank-202401161357