USD/CAD: The low 1.3600 zone continues to look pretty solid resistance – Scotiabank

USD/CAD gains stall around 1.3600. Economists at Scotiabank analyze the pair’s outlook.

Price action is bearish

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.