USD/CAD: NEAR-TERM RISKS GEARED TOWARDS SOME DRIFT BACK TO THE 1.3550/1.3575 AREA – SCOTIABANK

USD/CAD has edged slightly higher to retest the 1.3600 area. Economists at Scotiabank analyze the pair’s outlook.

USD’s latest push above the 1.3600 area appears to have stalled out again

Spot gains appear to have topped out around 1.3610 again. 

USD losses are not yet of the magnitude that would indicate a clear technical top has developed but the persistence of USD resistance at 1.3600/1.3610 through March so far suggests near-term risks are geared towards some drift in the USD back to the 1.3550/1.3575 area