USD/CAD faces resistance at 1.3080 near term – Scotiabank

In view of FX Strategists at Scotiabank, the pair’s short-term stance remains neutral/bearish and faces resistance in the 1.3080 region.

Key Quotes

“USDCAD is quietly consolidating just above 1.3000, below the midpoint of its three session range roughly bound between 100 day MA (1.2964) support and 50 day MA (1.3114) resistance”.

“Momentum indicators are bearish however their magnitude is remarkably muted and the weak DMI’s/ADX underscore the absence of any meaningful trend. We look to near-term support at 1.2980 and near-term resistance at 1.3080”.