USD/CAD to edge back to 1.2750740 on a push under 1.2795 – Scotiabank

The USD/CAD is trading well off the daily high near 1.29 but the turnaround has not generated an obviously bearish technical signal. Economists at Scotiabank highlight 1.2795/00 and 1.2900/10 as the key levels to watch.

Gains above 1.29 to target a retest of the late 2022 high at 1.2950

“We spot USD/CAD support at 1.2795/00 this morning while resistance remains 1.2900/10.”

“A push under 1.2795 may see the USD edge back to 1.2740/50.”

“Gains above 1.29 target a retest of the late 2022 high at 1.2950.”