USD/CAD: Losses may pick up a little more on a clear move below 1.3385/1.3390 – Scotiabank

USD/CAD is little changed on the session so far. Economists at Scotiabank analyze the pair’s outlook.

Evidence of firm support on dips below the 1.34 area

There is a modest, downside bias in spot trends on the intraday chart but there is also evidence of firm support on dips below the 1.34 area. 

The 1.3385/1.3390 level looks pivotal in the short run; spot losses may pick up a little more on a clear move below here for 1.3340/1.3345 but holding above this point intraday could mean a retest of major resistance in the mid/upper 1.34 area.