The CAD is one of the better-performing currencies in the session so far against the softer USD. Economists at Scotiabank analyze USD/CAD outlook.
USD/CAD slips under technical support
Spot is trading below trend support that has guided the USD consistently higher since early July (1.3545). The loss below is the first real sign of technical USD weakness in some time.
The USD rally is looking somewhat overextended and may be prone to more corrective losses in the short run at least.
Resistance is 1.3545/1.3550 now. Support is 1.3400/1.3410.
