USD/CAD bullish/neutral near term – Scotiabank

FX Strategist at Scotiabank Eric Theoret noted the pair’s outlook stay on the bullish to neutral side for the time being.

Key Quotes

“Bullish signals have softened from their overbought levels and DMI’s have moderated”.

“USDCAD has fallen to its 9 day MA (1.3678) following the completion of Friday’s bearish (daily) outside reversal candle delivering a shooting star on the weekly chart”.

“The near-term balance of risk has clearly shifted and we look to support at 1.3650 and potential resistance in the 1.3720-1.3750 area”.