USD/CAD bullish/neutral near term – Scotiabank

FX Strategists at Scotiabank see support in the 1.2780 area in the near term.

Key Quotes

“USDCAD gains appear to have stalled around anticipated resistance at 1.2850, just above the midpoint of the range from mid-March”.

“Momentum signals are modestly bullish and DMI’s are confirming, however trend strength remains muted. We look to additional resistance at 1.2880 and 1.2920. Near-term support is limited between current levels and 1.2780”.