USD/CAD has the 1.2945 mark in its crosshairs – Scotiabank

USD/CAD has surged above the 1.29 level. Economists at Scotiabank expect the pair to test the 1.2945 mark next.

Scant signs from the charts that the USD rally is slowing

“There is scant sign from the charts that the USD rally is slowing, let alone reversing.” 

“The strong rise in the USD overcame 1.29 easily to put 1.2945 (76.4% Fibonacci of the 1.3077/1.2518 decline) on the radar for today. Above there, the May peak is the only thing standing between current levels and the 1.33+ zone.”

“Intraday support is 1.2890/00.”