USD/CAD outlook stays neutral near term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, noted the pair’s perspective remains neutral for the time being.

Key Quotes

“USDCAD remains stuck within Friday’s range roughly bound between the mid-1.36 area and the upper 1.37s”.

“Momentum signals have softened from their overbought levels and DMI’s have moderated. The 9 day MA remains an important level of near-term congestion, providing support on a closing basis”.

“We look to support at 1.3650 and continue to highlight resistance between 1.3720 and 1.3750”.