USD/CAD faces resistance in the 1.3100/50 band – Scotiabank

FX Strategists at Scotiabank noted the pair’s near term outlook remains bullish-neutral for the time being.

Key Quotes

“Bullish momentum indicators have faded to neutral and trend strength indicators have fallen to fresh lows”.

“The ADX is under 10 for the first time since April 2012. USDCAD has broken below its 100 day MA (1.3076) and additional near-term support appears limited ahead of the 50 day MA at 1.3020”.

“Near-term resistance is expected at 1.3100 and 1.3150”.