USD/CAD: Gains through 1.3390/1.3400 will bolster near-term upside momentum – Scotiabank

USD/CAD has nudged a bit higher on the session. Economists at Scotiabank analyze the pair’s outlook.

Support is 1.3340

USD/CAD perks up a bit reflecting the upward trend in funds that has developed since the turn of the year.

Trend momentum is weak and the USD/CAD pair has struggled to better resistance around 1.3390/1.3400 over the past few sessions. Still, broader technical trends suggest developing pressure for a correction in the late 2023 USD decline and a retracement towards the 1.35 area. 

Gains through 1.3390/1.3400 will bolster near-term upside momentum. 

Support is 1.3340.