Eric Theoret, Currency Strategist at Scotiabank, believes the pair could re-visit the 1.4000 handle. Key Quotes “Thursday’s USDCAD decline found considerable support at 1.3650, the swift reversal providing for the formation of a hammer candle—typically a bullish reversal formation following a decline”. “USDCAD’s momentum indicators maintain a bearish bias, and the RSI at 37 is still well above oversold levels closer to 30”. “Near term support is expected at 1.3650. In terms of resistance, we look to a band between 1.3780 and 1.3800—a break above this band would increase the risk of a rally toward 1.4000”. For more information, read our latest forex news.