USD/CAD aimless in a range, may struggle for direction – Scotiabank

USD/CAD is holding little changed in the session. There seems little real appetite to move the pair either way at the moment, economists at Scotiabank note.

Pretty solid support in the 1.3450 area

“The intraday charts indicate generally better USD selling pressure but also highlight pretty solid USD support on modest weakness to the 1.3450 area so far.” 

“USD gains yesterday tested the 40-Day Moving Average (1.3509), which held and should now impose some downward pressure on funds generally. But there seems little real appetite to move USD/CAD either way at the moment which is reflected in flat, short-term trend signals.”

“Resistance is 1.3475/00. Support is 1.3440/50.”