USD/CAD near term resistance around 1.3670/1.3700 – Scotiabank

The short term view on the pair appears neutral to bearish, while resistance is expected in the 1.2670/1.3700 band, suggested Eric Theoret, FX Strategist at Scotiabank.

Key Quotes

“USDCAD has broken support at 1.3650, testing fresh May lows around 1.3600. Bullish momentum signals have softened to neutral, DMI’s have converged, and near-term focus has shifted to the 21 day MA (1.3623)”.

“Near-term support appears limited between 1.3600 and 1.3550. Look to near-term resistance between 1.3680 and 1.3700”.