USD/CAD stays bearish near term – Scotiabank

In view of FX Strategists at Scotiabank, the pair’s outlook remains bearish in the short term.

Key Quotes

“The salient feature of the daily chart remains the big, bearish outside range session from a week ago Friday and finally, the USD appears to be making some progress lower in response”.

“The short-term range base in the mid 1.36s has yielded today, opening up the market to further weakness. We see some support near 1.36 but feel that corrective risks could extend to the 1.35 area. Short-term resistance is 1.3645/55 now”.