USD/CAD room for a move above 1.3100 – Scotiabank

In view of FX Strategists at Scotiabank, the pair’s upside could attempt to break above the 1.3100 handle in the near term.

Key Quotes

“USDCAD is climbing back toward the upper end of its recent range, pushing through 1.3000 and threatening this week’s high just above 1.3050”.

“Momentum indicators are bullish and DMI’s are confirming. USDCAD has already breached the descending trend line drawn from the 2016-2017 highs and now risks an extension toward the one year March high around 1.3120. Near-term support is expected at 1.2950.