USD/CAD bullish near term - Scotiabank

FXStreet (Edinburgh) - According to Eric Theoret, Currency Strategist at Scotiabank, the outlook for the pair remains tilted to the upside in the near term.

Key Quotes

“Momentum indicators are softening, with the RSI down from its Monday high above 76 and softening toward 70”.

“USDCAD has yet to test support at the July 15 (BoC rate cut) close 1.2913, a break of which would shift the focus to the 9 day MA at 1.2876”.

“Resistance lies above 1.3020 and we note that USDCAD has yet to break its 2009 high at 1.3065”.