USD/CAD near term support appears below 1.3280 – Scotiabank

FX Strategists at Scotiabank remain neutral/bullish on the pair, adding that support should be below 1.3280 in the near term.

Key Quotes

“USDCAD’s renewed gains are violating the bearish reversal signal delivered on Friday”.

“Momentum indicators are bullish and showing signs of renewed strength. DMI’s are confirming and the ADX is suggestive of firming trend strength”.

“USDCAD is back above Friday’s closing high in the lower 1.33s and near-term resistance appears limited between 1.3320 and Friday’s intraday high in the upper 1.33s. We look to near-term support below 1.3280”.