USD/CAD: A test of the upper 1.29s is reachable in the next few weeks – Scotiabank

USD/CAD retains a weak technical undertone, economists at Scotiabank report.

Support is 1.31 and 1.30

Unlike some other major currencies’ technical situation, the CAD’s position looks technically ‘cleaner’ – the broader bear trend in the USD remains uninterrupted and backed by a bearish alignment of trend oscillators which will limit the USD’s ability to rally and maintain focus on the downside for now. 

USD/CAD resistance is 1.3205/10 on the intraday chart today and I expect solid USD resistance if gains do extend a bit higher (though the mid/upper 1.32s). 

Support is 1.31 and 1.30; technically, I think a test of the upper 1.29s is reachable in the next few weeks.