USD/CAD dips modestly on crude rebound. The loonie could enjoy some strength if the pair breaks below 1.3010, economists at Scotiabank report.

WTI may head back towards the $95 area in the near term

“We still think the 1.3075 zone should provide some resistance to the USD’s advance but it may be hard for the CAD to resist a more generalized USD strength.”

“Key support is 1.3010; weakness below here should see the CAD regain a little more positive momentum.” 

“WTI may head back towards the $95 area in the near term which may provide a little support for the CAD but the broader USD tone and risk appetite are likely to remain more influential drivers of the CAD in the absence of any major domestic developments.”