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FX Strategists at Scotiabank remain neutral/bearish on USD/CAD in the short-term horizon and faces resistance in the 1.3180/1.3200 area.

Key Quotes

“Daily momentum indicators are neutral and trend strength signals are muted”.

“The weekly chart remains bearish following the completion of a key reversal in June, and last week’s candle is suggestive of exhaustion”.

“We look to near-term weakness through the recent lows in the 1.3110 area toward the 50 day MA (1.3079). Near-term resistance is expected between 1.3180 and 1.3200″.