FX Strategists at Scotiabank stay neutral/bearish on spot, adding that short-term resistance lies in the 1.3030/50 band.
“USDCAD losses have moderated through the latter part of the week, leaving spot trading sideways in a tight range between 1.2980-1.3020 effectively”.
“Net losses on the week overall are significant, however, as weekly candle signals suggest the USD is reversing lower. A low close on the week (ideally below 1.3050 or so) will form a bearish engulfing line on the weekly chart”.
“We look for resistance at 1.3030/50 today and for USD losses to pick up on a break under 1.2980 and head for 1.2905”.
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