USD/CAD faces near term resistance at 1.3020 – Scotiabank

The pair keeps the neutral-bullish stance in the short-term view, according to FX Strategists at Scotiabank.

Key Quotes

“Trend and momentum indicators are modestly bullish as USDCAD consolidates below a pair of key technical levels”.

“Specifically, we continue to highlight the importance of the descending trend line drawn from the 2017-2017 highs just below 1.3050. It was briefly broken on Tuesday”.

“We also highlight the importance of the upper bound of the ascending trend channel drawn from the September low, currently around 1.3200. Near-term support is expected below 1.2880 with near-term resistance above 1.3020.