USD/CAD: Losses to pick up momentum on a break below 1.3310 – Scotiabank

USD/CAD peeled off steadily yesterday, losing around 90 pips into the close to retest the low-1.33s. A dip below here would open up the room for further losses, economists at Scotiabank report.

Intraday charts reflect firm USD selling pressure

“Spot’s turn lower from Monday’s high/retest of the head and shoulders breakdown at 1.3495 looks a little more emphatic now, with steady losses pushing the USD back to the low 1.33s.”

“Intraday charts reflect firm USD selling pressure on USD gains above 1.34 yesterday and we look for better selling pressure on modest gains to curb the USD today and perhaps into tomorrow.”