USD/CAD: A push to test 1.30 remains the target – Scotiabank

USD/CAD is trading marginally higher on the day. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes the pair’s outlook.

There is some support in the 1.3075 area

Intraday gains suggest some mild upside risk for the USD in the short run but gains are liable to remain limited to the upper 1.31/1.3200 area.

Trend signals are tilting a little more bearishly for the USD now, with the daily DMI more aligned with negative intraday and weekly signals. 

There is some support for the USD in the 1.3075 area (200-week MA) but a push to test 1.30 (50% Fibonacci retracement of the 2021/22 move up at 1.2992) remains my target.