USD/CAD: Gains can extend to retest the March high at 1.3862 – Scotiabank

USD/CAD gains are extending to retest the early October high around 1.3786. Economists at Scotiabank analyze the pair’s outlook.

Short and medium-term trend signals are bullish

Short and medium-term trend signals are bullish, suggesting the pair can extend its gains; a break above the early month high of 1.3786 will pave the way for funds to push on to retest the March high at 1.3862. 

Support is seen at 1.3720/1.3730.

See: USD/CAD to extend its uptrend once a break above 1.3780 materializes – SocGen