USD/CAD: Loonie remains at risk of some short-term losses – Scotiabank

CAD holds losses around 1.38 against the US Dollar but under tone remains soft, economists at Scotiabank report. 

Underlying trend momentum remains bullish

The 6-hour chart reflects a minor bearish outside range signal which implies a minor high at 1.3820. 

The USD is quite heavily overbought on the basis of the intraday and daily stochastics but underlying trend momentum remains bullish. 

A more forceful turn lower in the USD is needed to put a ceiling on gains. 

Support is 1.3740/1.3750 intraday.