USD/CAD: Poised to challenge the 1.29 mark – Scotiabank

USD/CAD has climbed to the 1.2845-1.2850 area – a fresh six-week high. Economists at Scotiabank expect the pair to test the 1.29 zone.

USD/CAD trend higher intact and well-supported

“The USD’s advance from the upper 1.27 area leaves the short-term USD/CAD trend higher intact and well-supported on the short and medium-term charts.” 

“Extended gains through the 1.27 zone this week leaves the CAD looking soft technically and prone to a renewed test of the 1.29+ zone, where the USD has tended to peak out over the past year.”

“Intraday, we see resistance at 1.2900/05. Support is 1.2770/80.”