USD/CAD: A retest of 1.3850/60 is on the radar – Scotiabank

CAD slips versus USD and looks prone to more losses, economists at Scotiabank report. 

Firm USD support on moderate dip

“USD/CAD gained strongly from yesterday’s attempted push under 1.3650 support and today’s strength in the USD has taken funds above descending trend resistance off the early Mar high at 1.3725 (now support). A bullish break from what has been in effect an extended consolidation boosts upside risks for USD/CAD in the short run at the very least and puts a retest of 1.3850/60 on the radar. 

“Trend signals are bullishly aligned on the short-term oscillators, implying firm USD support on moderate dips.”