Scotiabank suggests that there is a high possibility that the USDCAD currency pair, currently at 1.34265, will experience a renewed downward movement below 1.34 in order to test the significant support level between 1.3380 and 1.3390.

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USDCAD Chart by TradingView

The CAD has finally found a little traction to edge up to the low 1.34 area against a generally softer USD. Economists at Scotiabank analyze USD/CAD outlook.

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