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USD/CAD gains stall around 1.3600. Economists at Scotiabank analyze the pair’s outlook.
Short-term price action is leaning negative for the USD after spot peaked a little below 1.3615, close to where the USD has topped out a number of times since late February.
Price action is bearish (an ‘evening star’ candle pattern formed on the six-hour chart since late Friday) which should mean some corrective drift lower in in funds in the near term towards 1.3535/1.3555.
The low 1.3600 zone continues to look pretty solid resistance for the USD.
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