USD/CAD will shortly have another run at support at 1.3100/20 – Scotiabank

USD/CAD holds range around 1.32 in quiet trade. Economists at Scotiabank analyze the pair’s outlook.

Short-term patterns underscore firm USD resistance around 1.3225

Minor gains for the CAD on the session so far reinforce – at least in the short run – resistance in the low 1.32 zone but extend the recent pattern of flat, sideways range trading around the figure area a little longer. 

Short-term patterns underscore firm USD resistance around 1.3225 and the daily and weekly DMI oscillators continue to trend negatively for the USD, which helps account for USD/CAD’s inability to rally significantly. It should also mean that it will shortly have another run at support at 1.3100/20.