USD/CAD to suffer downside pressure, next support aligns at 1.2465 – Scotiabank

The Canadian dollar regains ground after mid-week stumble. Economists at Scotiabank note that prospects remain bullish for the loonie and expect the USD/CAD pair to tick down in the near-term.

Resistance is at 1.2530

“Intraday price signals are negative for the USD; spot has traded down from the low 1.25s seen in early European trade in relatively aggressive fashion, leaving bearish prints on the 1 and 6-hour charts, which should keep downside pressure on the USD in the short run.”

“We spot support at 1.2465 ahead of the mid-week low at 1.2430.” 

“Resistance is 1.2530.”