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FX Strategists at Scotiabank remain neutral/bullish on the pair, adding that support should be below 1.3280 in the near term.

Key Quotes

“USDCAD’s renewed gains are violating the bearish reversal signal delivered on Friday”.

“Momentum indicators are bullish and showing signs of renewed strength. DMI’s are confirming and the ADX is suggestive of firming trend strength”.

USDCAD is back above Friday’s closing high in the lower 1.33s and near-term resistance appears limited between 1.3320 and Friday’s intraday high in the upper 1.33s. We look to near-term support below 1.3280″.