USD/CAD still bearish with caution – Scotiabank

FX Strategist at Scotiabank Eric Theoret has reiterated the bearish perspective for USD/CAD in the near-term.

Key Quotes

“We maintain a high degree of caution as we note the positive divergence in momentum indicators with the MACD and RSI failing to confirm the recent lows in spot”.

“Near term support has been observed below 1.3200 and we would anticipate near term resistance around 1.3320”.