Currency Strategist at Scotiabank Eric Theoret argued that the pair’s stance remains neutral in the short-term, with focus on the 1.39/1.40 area. Key Quotes “USDCAD is trapped in a tight trading range on the short‐term charts and is more or less unchanged on the week”. “We had expected gains through resistance in the low 1.39 area to deliver more gains but the rally appears to have stalled around 1.40”. “A break either side of 1.39/1.40 is needed to give the market a little more momentum one way or the other”. For more information, read our latest forex news.