USD/CAD bullish/neutral short-term – Scotiabank

FX Strategists at Scotiabank noted the pair should face strong support in the mid-1.2600s.

Key Quotes

"USDCAD appears to have found short-term resistance around 1.2800, at levels just above the 50 day MA (1.2783) and the 38.2% retracement of the January-March rally (1.2791)”.

“Daily momentum indicators are neutral and the DMI’s are muted. We look to additional resistance above 1.2850 and note the absence of near-term support ahead of 1.2680”.