USD/CAD needs a break of range; 1.1270 to 1.1467 - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the CAD is soft but still trading within Friday’s range and gave us a technical snapshot of the unit.

Key Quotes:

USD/CAD short‐term technicals: mixed—which warns that there are better risk reward opportunities elsewhere”.

“The MACD and spot pattern warns that USD/CAD upside momentum has temporarily halted; even as the general trend is higher”.

“We would expect USD/CAD to trade within its recent range of 1.1270 to 1.1467 this week; a break below 1.1270 would open up a test down to the 50-day MA at 1.1192”.