USD/CAD: Weak stocks suggest limited potential for the Loonie to recover – Scotiabank

The Canadian Dollar cannot avoid pull from stock market trends, accrodign to strategists at Scotiabank.

Firm resistance at 1.3520, losses limited to 1.3490

“Weak stocks suggest limited potential for the CAD to recover at the moment.” 

“The USD rise has run into firm resistance at 1.3520, with losses limited to 1.3490; a move either side of this range will determine short-term gains or losses (of 30-40 pips) but might also point towards either a return to the 1.36 area or a drop back to the low 1.34s.”