USD/CAD could have a run at last week’s low around 1.3360 – Scotiabank

USD/CAD is trading flat on the session. Economists at Scotiabank analyze the pair’s outlook.

Resistance around 1.3540 firms

Short-term trend signals are weak, supporting the outlook for more range trading in the near term. But the weekly chart – at the moment – reflects another firm rejection of the 1.3540/1.3550 peaks seen in January and a weak close for funds on the day should see spot prices have a run at last week’s low around 1.3360 in the week ahead. 

Minor, intraday support sits at 1.3440, with resistance at 1.3490/1.3500.