At the risk of sounding like the proverbial broken clock, the CAD looks cheap and should be trading somewhat higher than it is. Very stretched valuation suggests near-term scope for the USD to extend should be limited, all else equal.

Intraday trading patterns reinforce the picture of firm resistance in the mid-1.34 zone but, taking a step back, the underlying bull trend in the USD has developed solidly on the short-term studies which suggest spot will remain well supported for now and tilts risks towards additional gains – eventually. 

Support is 1.3375, with some relief for the CAD likely to develop below here.