USD/CAD bullish above 1.3100 – Scotiabank

FX Strategists at UOB Group remain bullish while spot navigates above the 1.3100 handle.

Key Quotes

“USDCAD is attempting a modest retracement of its rally from late August however progress has been relatively limited”.

“We remain bullish above the 1.31 level roughly corresponding to the upper bound of the (broken) descending trend channel from late June. Near-term resistance is expected above 1.3080 and gains through 1.3220 are likely to deliver a full retracement back toward the upper 1.33s”.

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