USD/CAD: Test of noted resistance at 1.3315/25 on the radar – Scotiabank

Economists at Scotiabank analyze USD/CAD outlook after the pair tested the 1.33 area earlier in the day.

Markets may shy away from moving the CAD too far on the day ahead of Friday’s data reports

Canada releases Merchandise Trade data today but the jobs (and wages) data tomorrow should be important influences on the CAD’s near-term direction. Markets may shy away from moving the CAD too far on the day ahead of Friday’s data reports. 

The pair nudged briefly above 1.33 earlier in the day, keeping a test of noted resistance at 1.3315/25 on the radar. 

Short-term trend momentum is positive, which may limit scope for USD losses in the short run to support in the upper 1.32s. 

Key USD support is 1.3200/05.