USD/CAD neutral/bullish near term – Scotiabank

FX Strategists at Scotiabank noted the pair should meet decent support in the mid-1.2900s.

Key Quotes

“Momentum indicators are bullish and DMI’s are providing confirmation. USDCAD is once again threatening an extension through the psychologically important 1.3000 level and trading just below the descending trend line drawn from the 2016-2017 highs”.

“Near-term resistance levels include last week’s highs around 1.3050 as well as the March high near 1.3120. The ascending trend channel drawn from the September low implies resistance in the lower/mid-1.3200 area. We look to near-term support around 1.2950”.