USD/CAD important resistance lies around 1.2900 – Scotiabank

FX Strategists at Scotiabank noted the outlook on the pair remains neutral/bearish, facing relevant resistance in the 1.2900 zone.

Key Quotes

“USDCAD has yet to break out of its 8 session range roughly bound between 1.2800 and the lower 1.29s. Bullish momentum signals are modest and trend strength remains weak”.

“The 50 day MA (1.2825) support level is once again being threatened and we continue to highlight the importance of resistance above the 61.8% retracement of the March-April decline around 1.2900. Additional near-term support is expected at 1.2750”.