USD/CAD bearish near term – Scotiabank

Pablo Piovano FXStreet

Eric Theoret, FX Strategist at Scotiabank, keeps the bearish view on USD/CAD in the near term.

Key Quotes

“Momentum signals are bearish, DMI’s are providing confirmation, and the ADX is suggestive of a strengthening bearish trend”.

“Near-term support appears limited ahead of the mid-1.31 area and we highlight the importance of the 50% retracement of the May 2015-May 2016 rally at 1.3127. We look to resistance between 1.3280 and 1.33”.

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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