#USDCAD @ 1.35959 : Losses to extend meaningfully on a break below 1.3535 – Scotiabank
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USD/CAD has eased modestly. A break under the 1.3535 is required to trigger additional losses, economists at Scotiabank report.
“CAD’s correlation with equities is weakening and currently stands just below 60%, the weakest since last Jul. If the CAD is decoupling from equity trends, other (typical) fundamental drivers are not obviously supportive.”
“USD/CAD losses would need to extend through the mid-1.35s and below 1.3535 (Monday’s low and potential double top trigger) to extend meaningfully.”
“Solid resistance remains at 1.3665 (the potential double top).”
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