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USD/CAD holding a range around 1.32 in quiet trade. Economists at Scotiabank analyze the pair’s outlook.

Short-term patterns highlight firm USD resistance around 1.3225

Smaller gains for CAD in the session so far reinforce – at least in the short term – resistance in the low 1.32 zone, but extend the recent flat, sideways trading pattern around the number area a bit longer.

Short-term patterns highlight solid USD resistance around 1.3225 and the daily and weekly DMI oscillators continue to trend negative for the USD, helping to explain the inability of USD/CAD to recover significantly. It should also mean that it will soon have another run on support at 1.3100/20.

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