USD/CAD: Break under 1.2575 to clear the way towards 1.24 – Scotiabank

USD/CAD is little changed on the session as key trend support at 1.2575 continues to prop up the pair. A break below the latter would open up additional losses to the 1.24 level, economists at Scotiabank report.

Key support at 1.2575 under pressure

“Intraday and daily trend signals remain aligned bearishly for USD/CAD, which suggests ongoing downside pressure (and limited scope for USD rebounds at present).”

“We spot resistance at 1.2640/50 while a clear break under 1.2575 should see spot push lower to the 1.24 area fairly quickly.”