USD/CAD: There is no major support ahead of a return to 1.3093 – Scotiabank

The Canadian Dollar has had a solid week. Economists at Scotiabank analyze USD/CAD outlook.

Short-term resistance is 1.3315/1.3320

Minor new lows for USD/CAD keep the short and longer run technical outlook bearish.

Spot is heading for a close below weekly trend support at 1.3335, below the 76.4% Fibonacci support of the July – November decline at 1.3283 and might be able to close out the week below the 100-week MA (a decent bellwether for the broader trend) at 1.3281 for the first time since last June.

There is no major support for the USD (aside from some congestion in the 1.3140/1.3170 area) ahead of a return to 1.3093.

Short-term resistance is 1.3315/1.3320 and 1.3360/1.3370.