Economists at Scotiabank remain constructive on the medium-term Canadian dollar outlook though more choppy range trading ahead for USD/CAD is likely.

USD/CAD set for more choppy range trade

“More choppy range trading is likely but we think the CAD is unlikely to weaken significantly. USD/CAD gains (to 1.28+) remain a sell, we believe.” 

“Our sense remains that longer run signals imply USD/CAD is consolidating ahead of another push lower but we may need some weeks to develop a stronger sense of direction.”

“Support is 1.2630/50 and 1.2590/00.” 

“Resistance is 1.2800/10 and 1.2880.”

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