USD/CAD to pressure support in the low 1.33 zone – Scotiabank

USD/CAD holds range above 1.33. Economists at Scotiabank expect the pair to test the low-1.33s. 

Technical undertone remains negative

“Short-term trading patterns show the USD finding good support on minor dips to the 1.3315/20 zone over the past 24 hours and a snap higher in European trade has put a positive print on the intraday chart for the USD from around that point. But upside potential looks pretty limited, with evidence of better USD selling pressure emerging around or above 1.34 in recent days.” 

“More generally, the USD appears to be consolidating ahead of another push lower (bear flag pattern); key support is 1.3320 intraday and resistance is 1.3395/00.”