USD/CAD bearish short-term – Scotiabank

FXStreet (Edinburgh) - FX Strategist at Scotiabank Eric Theoret has noted the near-term bearish outlook on the pair from the technical perspective.

Key Quotes

“Momentum has shifted dramatically and the RSI appears poised to break below 50 into bearish territory”.

“We note USDCAD’s decisive break below the 21 day MA (1.4199) and look to a potential test of the 50 day MA at 1.3850 given the risk of a decline toward the late December congestion range between 1.3800 and 1.4000”.