USD/CAD: Choppy price action in the short run – Scotiabank

USD/CAD holds steady. Economists at Scotiabank analyze the pair’s outlook.

The decline has stalled in the low 1.37s

Short-term price action suggests the decline in USD/CAD has stalled in the low 1.37s intraday.

Trend signals are mixed on the intraday (mildly USD-bearish) and daily (still bullish) oscillators which lean towards choppy, rather than trending, price action in the short run. 

The USD cracked minor trend support at 1.3775 late Thursday which now becomes resistance and should favour fading minor USD gains ahead of 1.38.

Support is 1.3700/1.3705 and 1.3650/1.3655.