The firm USD/CAD undertone persists. Economists at Scotiabank analyze the pair’s outlook.
Seasonal trends turn more constructive for the CAD in Q2 typically. Over the past 25 years, April has delivered the largest, average monthly gain for the CAD versus the USD of the calendar year (+1.1%, according to Blomberg data).
A clear push through 1.3620/1.3625 would sustain the uptrend in USD/CAD and put a retest of the low 1.3700 area on the radar.
Key short-term support remains at 1.3550.
