USD/CAD bullish/neutral near term – Scotiabank

In opinion of FX Strategists at Scotiabank, the pair’s stance remains neutral/bullish in the short-term horizon.

Key Quotes

“Technical signals are unequivocally bullish across a range of trend and momentum indicators”.

“However, negative divergence has been observed on the RSI as it has failed to confirm the latest highs in spot”.

“Near-term resistance is expected above 1.3220, around the upper bound of the ascending trend channel from September. Near-term support is expected around 1.3120”.