According to Scotiabank, the USDCAD at the rate of 1.35456 is in an overbought position. However, for there to be an indication of higher downside risks, there needs to be a more significant movement towards the lower side.

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USDCAD Chart by TradingView

USD/CAD saw a strong rejection of the 1.36 area on Wednesday. Economists at Scotiabank analyze the pair’s outlook.

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