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FX Strategists at Scotiabank sees momentum for a break of the prevailing theme in either direction is building up in USD/CAD.

Key Quotes

“Funds closed softly on the chart yesterday (outside range day lower) but the market remains stuck around the 1.31 level where spot has closed for the past three weeks”.

“Flat range trading is robbing the market of momentum and raises the bar for a significant, directional break out”” either way, we feel”.

“We see support at 1.3065/75, near recent lows and the 40-day MA. We expect resistance at or around 1.3175″.