USD/CAD faces resistance in the 1.3380 area – Scotiabank

Pablo Piovano FXStreet

In view of FX Strategists at UOB Group, USD/CAD's near term stance is bullish and should meet resistance in the 1.3380 area.

Key Quotes

“USD gains have slowed overnight, flattening out the short-term trend somewhat but there is no sign of the USD bid tone fading in a meaningful way”.

“Short, medium and longer-term trend signals are bullishly aligned for the USD, suggesting limited downside corrective potential at the moment and strong bid interest is likely to emerge on minor dips. We see support at 1.3280/90 now. Resistance 1.3380/00”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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