The CAD has backed off the 1.2660 area that provided support for the USD on Monday. Analysts at Scotiabank highlight the key levels to watch regarding the USD/CAD pair.

Resistance stretches from 1.2690 to 1.2715

“We spot support intraday at 1.2655/60 and resistance at 1.2690, although resistance likely extends up to the 1.2715 area, the early May low.”

“USD weakness through the mid-1.26s target losses to the mid-1.25s and potentially opens the door to a drop back to the Apr low at 1.2405.”