Canadian Dollar picks up a little ground after Thursday’s drop. Economists at Scotiabank analyze Loonie’s outlook.
Techs lean positive
The CAD’s reversal from Thursday’s high near 1.3775 is showing some signs of technical momentum on the intraday chart.
Spot should see firm resistance around 1.3750/1.3760 intraday and broader USD losses in the next few days should mean USD/CAD has another look at key support of 1.3655/1.3660. A break below there should drive more CAD gains in the short run to the 1.34/1.35 range.
Source: https://www.fxstreet.com/news/usd-cad-has-another-look-at-key-support-of-13655-13660-scotiabank-202311171405