FXstreet.com (San Francisco) - USD/CAD is flat to Friday’s close as it trades a 0.9796/0.9852 intraday range this Monday, last quoted in the 0.9830 price zone in North America.
Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank holds a year‐end USD/CAD target of 0.96 on the back of Canadian dollar strength. She “[Expects] CAD to strengthen on the back of divergent BoC and Fed policy, stabilization in China, Canada’s AAA‐rating and bullish sentiment.”
Technically speaking, for the past four days, USD/CAD has been trading in a choppy sideways range below the 0.9860 mark. To the immediate upside, resistance lies at 0.9895 (55-day EMA), then 0.9940 (38.2%, 1.0444/0.9630) and 0.9960 (100-day EMA). To the downside, support is noted at 0.9815, 0.9800 and 0.9780 (intraday).
Ms. Sutton’s short-term outlook for this pair is bullish, “with all signals in buy territory and the 9 day MA crossing above the 21‐day MA” which suggests that the USD/CAD bulls are still favourable, she says.
Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank holds a year‐end USD/CAD target of 0.96 on the back of Canadian dollar strength. She “[Expects] CAD to strengthen on the back of divergent BoC and Fed policy, stabilization in China, Canada’s AAA‐rating and bullish sentiment.”
Technically speaking, for the past four days, USD/CAD has been trading in a choppy sideways range below the 0.9860 mark. To the immediate upside, resistance lies at 0.9895 (55-day EMA), then 0.9940 (38.2%, 1.0444/0.9630) and 0.9960 (100-day EMA). To the downside, support is noted at 0.9815, 0.9800 and 0.9780 (intraday).
Ms. Sutton’s short-term outlook for this pair is bullish, “with all signals in buy territory and the 9 day MA crossing above the 21‐day MA” which suggests that the USD/CAD bulls are still favourable, she says.
