USD/CAD cautiously bearish – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, noted the outlook on USD/CAD stays bearish in the near term.

Key Quotes

“Momentum signals are bearish, DMI’s are providing confirmation, and short-term MA’s are bearishly aligned with the 9 day MA drifting back below the 21 day MA”.

“However, recent candles have delivered mixed signals with last Thursday’s bullish (near-outside) reversal of the prior session’s decline and clear confirmation of support at the 200 day MA (1.3225)”.

“We look to near-term support at 1.3250 and see limited resistance ahead of the mid-1.3300s”.