USDCAD: Resistance at 1.3084 expected to be tested – RBC CM

Sue Trinh, Senior Currency Strategist at RBC Capital Markets, suggests that the CAD has weakened in response to the more cautious risk backdrop, which has seen the USD firm across the board.

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“In turn, this has prevented CAD/JPY from posting a bullish trend reversal above resistance at 81.92. With no data releases scheduled again today, the broader risk backdrop is expected to set the tone for directional bias. Short-term support is located at 1.2973, with resistance at 1.3084 expected to be tested should risk sentiment remain under pressure.”