USD/CAD to slump towards 1.26 on a break under 1.2650 – Scotiabank

USD/CAD trades modestly lower below the 1.27 level. The pair remains out of reach of key support at 1.2650 – removal of which would open up 1.26, economists at Scotiabank report.

Key resistance seen at 1.28

“A break under 1.2650 should see spot push back to the 1.25 area.”

“Resistance is 1.2720/30 and (key) 1.2800.”