USD/CAD: Upside momentum wanes, further losses to be witnessed on break below 1.2650 – Scotiabank

FXStreet Insights Team FXStreet

The CAD has extended gains against the USD to probe the mid-1.26s. Price action suggests the pair may consolidate around this area, economists at Scotiabank report.

Upside momentum in the USD/CAD has waned

“USD/CAD may continue to find support in the low/mid 1.26s for now but, at the very least, we see limited scope for USD/CAD gains at present and continue to prefer fading USD rallies.”

“Upside momentum in the USD has waned in the past few session and broader signals suggest solid resistance above the market in the mid-1.28s.”

“Intraday, we see USD resistance at 1.2700 and 1.2780.”

“Support is 1.2650 and – key – at 1.2575/85.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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