USD/CAD set to move downward on a break below 1.2480 – Scotiabank

USD/CAD is holding a little above 1.25. Economists at Sctoiabank believe the pair is likely to push lower on a break below the 1.2480 mark.

Minor resistance seen at 1.2530
“Short-term price action is generally flat in a tight range around the 1.25 point, however, with spot not weak enough yet to signal a renewed attack on 1.2450 support or strong enough to suggest a return to 1.2550+.”

“We spot minor resistance at 1.2530 and support at 1.2480 intraday, with the pair likely to trade with a little more momentum on a break either side of that range; we favour a push lower.”