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The pair should find strong near term resistance in the 1.3000/50 band, suggested FX Strategists at Scotiabank.

Key Quotes

USDCAD appears well supported, showing signs of a decisive reversal from last week’s lows in the upper 1.28s”.

“Last week’s lows roughly corresponded to the prior lows from late August, suggesting a potential double bottom. Daily signals are modestly bearish however their magnitude is muted and they already appear to be softening”.

“Near-term resistance is expected at the psychologically important 1.3000 level followed by 1.3050. Near-term support is expected between 1.2920 and 1.2900″.