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In view of FX Strategists at Scotiabank, USD/CAD‘s stance remains neutral/bullish for the time being, facing resistance in the 1.3180 region.

Key Quotes

“Bullish momentum indicators have faded closer to neutral and the DMI’s are soft. The ADX trend strength indicator has fallen to a fresh low and is currently at levels last seen in September 2010″.

“Friday’s short-lived decline respected the lower bound of October’s ascending channel and delivered a bullish-looking ‘hammer’ on the day”.

“The October channel currently implies support around 1.3050 and resistance in the mid-1.32s. Near-term resistance is likely closer to 1.3180″.