The CAD has drifted a little lower in quiet trade. Economists at Scotiabank analyze USD/CAD technical outlook.
Softer trading remains the more likely direction in the coming days
Spot gains in very quiet trade yesterday suggest a consolidation in the USD’s recent softness but leave the door open for renewed weakness ahead.
Price may be carving out a small bear wedge or flag pattern amid a sustained and deeply entrenched USD bear trend on the charts.
Short-term price gains might extend to the mid/upper 1.32s but weakness below 1.3195 intraday will point to renewed USD weakness.
Softer trading for the USD remains the more likely direction for this market in the coming days.
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