USD/CAD points to 1.3839 medium term – Scotiabank

FX Strategist at Scotiabank Eric Theoret believes the pair could reach the 1.3840 area in the near term.

Key Quotes

“Momentum signals are neutral and USDCAD is softening toward the lower end of its November range”.

“The 21 day MA has been broken and USDCAD downside is likely to be limited below current levels”.

“We view the January-May decline retracement as incomplete and continue to highlight the potential for medium-term gains toward the 61.8% Fibo retracement at 1.3839”.

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