The Canadian Dollar is softer on the day. Economists at Scotiabank analyze USD/CAD outlook.

Gains through to a 1.33 handle may develop a little more now

CAD losses are extending a little more as the USD establishes a foothold above minor resistance around 1.3275 – now support.

Gains through to a 1.33 handle may develop a little more now, with trend momentum positive on the intraday chart. 

Firm resistance is likely to emerge between 1.3350 and 1.3375.

See: USD/CAD to move lower in the coming weeks and break through support at 1.31 – HSBC