USD/CAD needs to either break well through 1.3250 or 1.3150 to make clearer directional progress – Scotiabank

USD/CAD is stuck in a familiar range. Economists at Scotiabank analyze the pair’s outlook.

More range trading appears likely in the near-term

Spot is holding in the same consolidation range and the same technical considerations are as relevant today as last week. 

There appears to be firm resistance to USD/CAD advances through the low/mid 1.32s while bearish breakout support remains at 1.3160. 

The USD needs to either break well through 1.3250 or 1.3150 to make clearer directional progress.

See – USD/CAD: Economic data and their impact should be the primary driver in the near term – Scotiabank