USD/CAD retains a firm, technical undertone but it all looks lackluster on the charts – Scotiabank

USD/CAD retains a bullish undertone but may be losing momentum, economists at Scotiabank say.

Nearby support is 1.3465

USD/CAD retains a firm, technical undertone but it all looks lackluster on the charts, with trend momentum signals ticking over in barely positive (i.e., USD-bullish) territory on the intraday, daily and weekly charts. 

Price action on the longer-term charts late last year rather implied a major peak/reversal developed around the 1.3900 point which tilts risks towards some additional, corrective USD weakness in the coming months but the CAD has its work cut out to improve. 

Nearby support is 1.3465 ahead of 1.3360 and major, medium-term support at 1.3180. 

Resistance is 1.3540/1.3550 and 1.3580/1.3600.