USD/CAD appears neutral/bullish near term – Scotiabank

The pair’s upside should find resistance around the 1.2720 area, noted FX Strategists at Scotiabank.

Key Quotes

“USDCAD has seen no real follow through buying interest above the 1.26 area after trading through the top of the range in place since late Sep on Friday”.

“A strong close to the week for the USD Friday and strengthening, short-term trend momentum keeps the focus on the upside in the short run, at least. We see resistance at 1.2725 (38.2% retracement of the 1.38/1.20 drop). Support is 1.2575/00”.