USD/CAD near term support emerges at 1.2880 – Scotiabank

In opinion of FX Strategist at Scotiabank, the pair is expected to meet support in the 1.2880 region in the short-term horizon.

Key Quotes

“USDCAD is testing fresh multiweek high at levels last seen in early May”.

“Trend and momentum indicators are modestly bullish and resistance appears relatively limited between 1.2920 and 1.2950, however we note the potential for some congestion ahead of 1.3000”.

“Nearterm support is expected below 1.2880”.