USD/CAD gains extended marginally to near 1.3250. Economists at Scotiabank analyze the pair’s technical outlook.
Broader USD gains have lifted spot away from the mid-1.31 (bear) consolidation range base tested on Thursday and tilt risks marginally towards more USD strength in the short run. But a clear break through 1.3250 is still needed to drive more USD strength.
Intraday support is 1.3215/20; losses through here should push the USD back to the upper 1.31 area.