Weakness below 1.3450 would tilt near-term risks a little more decisively lower – Scotiabank

USD/CAD has held little changed in quiet trade. Economists at Scotiabank analyze the pair’s outlook.

1.3540/1.3550 looks firmer resistance now

USD/CAD spent of lot of time this week lingering around the 1.3540 area that capped the USD back in January and never really looked like pushing on to new highs.

1.3540/1.3550 looks firmer resistance now. 

Losses through 1.3505 late Tuesday are a minor technical setback for the USD and still imply a little more downside risk for spot today (1.3450/1.3460). A more decisive turn lower is not, yet, evident though and trend dynamics are still, just about, USD bullish on the intraday chart. 

USD weakness below 1.3450 would tilt near-term risks a little more decisively lower for the USD.