USD/CAD stays bearish near term – Scotiabank

FX Strategist at Scotiabank Eric Theoret keeps the bearish outlook on the pair in the near term horizon.

Key Quotes

“Momentum signals are bearish, oversold and finding confirmation from strengthening (bearish) trend indicators”.

“USDCAD has cleared the prior 2017 low at 1.2969, the level roughly corresponding to the 61.8% retracement of the May 2016-2017 rally. There are no major technical levels ahead of the September 2016 low at 1.2820 and the August 2016 low in the mid-1.27s. Resistance is expected above the 1.3000-1.3020 area”.