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The pair’s outlook remains bullish in the short-term horizon, expecting to meet resistance in the mid-1.3200s, according to FX Strategists at Scotiabank.

Key Quotes

USDCAD gains are less surprising from a technical perspective. The charts had been hinting at upside risk for the USD, with the market well-supported around the 40-day MA (1.3066)”.

“Two failed pushes below 1.31 this week and an outside range yesterday put risks firmly towards additional USD gains in the short run to correct a little more of the late Jun slide from the 1.3385 peak”.

“We still expect good resistance on USD gains to the low/mid 1.32s, however. Intraday support is 1.3145/55 and losses below here could see USD gains washed away fairly quickly”.