USD/CAD sees strong support in the 1.3270.75 band – Scotiabank
|FX Strategists at Scotiabank expects pullback in the pair to find strong support in the 1.3270/75 band.
Key Quotes
“USDCAD continues to look directionally challenged. There has been little or no real impetus behind this week’s swings, leaving the USD (at the moment) little changed on the week”.
“This reflects the significant rejections of the low 1.34s on the topside and the upper 1.32s on the downside this week. The low 1.34 area remains a key point for USD on the topside. There is still a small gap on the intraday chart left by the USD’s sharp fall on Mar 15th; it should get filled sooner rather than later and we think sustained gains through the low 1.34 zone would be significant for the USD from a longer run perspective”.
“Support remains firm in the mid/upper 1.33 area and we spot strong support for the USD at 1.3270/75 still. We still rather think the bounce from 1.3272 (50-% Fib of Feb/Mar rally) confers a bit more technical strength on the USD at present”.
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