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In opinion of FX Strategist at Scotiabank, the pair is expected to meet support in the 1.2880 region in the short-term horizon.

Key Quotes

USDCAD is testing fresh multiweek high at levels last seen in early May”.

“Trend and momentum indicators are modestly bullish and resistance appears relatively limited between 1.2920 and 1.2950, however we note the potential for some congestion ahead of 1.3000″.

“Nearterm support is expected below 1.2880″.