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FX Strategists at Scotiabank noted the pair’s lack of a clear direction in the near term.

Key Quotes

“Trade policy uncertainty continues to dominate as market participants assess the latest developments in the U.S.-China trade dispute and ongoing NAFTA negotiations. Foreign Affairs Minister Freeland has not yet returned to Washington and U.S. officials are pushing for an agreement by Thursday. Risk reversals have diverged and suggest confidence in the near-term path for CAD while also signaling concern about its longer-term prospects. Domestic rate expectations remain unchanged and yield spreads are widening in a CAD-negative manner”.

“Daily signals are neutral and trendless as USDCAD consolidates around the midpoint of its two month range roughly bound between the upper 1.28s and lower 1.32s. Recent support has been observed in the 1.2980 to 1.3000 area and resistance has been observed above 1.3050″.

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