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The strong underlying tone in USD/CAD continues. Analysts at Scotiabank examine the outlook for the currency pair.
Seasonal trends turn more constructive for the Loonie in Q2 typically
Seasonal patterns tend to favor the CAD in Q2. Historically, April has shown the highest average monthly gain for the CAD against the USD over the past 25 years (+1.1%, as per Blomberg data).
A decisive breakthrough above 1.3620/1.3625 would uphold the upward trend in USD/CAD, potentially setting the stage for a retest of the low 1.3700 area.
Critical short-term support continues to be at 1.3550.
