USD/CAD bearish near term – Scotiabank

Pablo Piovano FXStreet

FX Strategist at Scotiabank Eric Theoret reiterated the short-term outlook on the pair stays bearish.

Key Quotes

“USDCAD is entering Friday’s NA session at fresh May lows, breaking the 1.3575 level representing the 50% retracement of the January-May 2016 decline”.

“The level had delivered considerable resistance in late 2016 and has since acted as support over the past four sessions”.

“A break opens up the risk of a push to the March high 1.3535, followed by 1.35. Resistance is limited ahead of 1.3650”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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