USD/CAD: The technical risk of a correction could raise – Scotiabank

USD/CAD holds in narrow range around 1.37. Economists at Scotiabank analyze the pair’s outlook.

Support 1.3675/80, Resistance 1.3735/40

Firm jobs data Friday may add to market conviction around another hike and should add to CAD support.

It remains to be seen where the market closes out the day but an inside range session or ‘doji’ candle signal would support the idea of a stall out in the USD rise and raise the technical risk of a correction.

Intraday support is 1.3675/1.3680. Resistance is 1.3735/1.3740.