USD/CAD neutral/bullish near term – Scotiabank

Pablo Piovano FXStreet

FX Strategist at Scotiabank Eric Theoret expects the pair to retake the mid-1.3400 area in the short-term.

Key Quotes

“The outlook for relative central bank policy remains dominant and the 2Y U.S.-Canada yield spread remains a headwind for CAD. Schembri is likely to maintain a decisively neutral tone in an effort to push back on the modest tightening bias currently priced into OIS markets—roughly 5bpts over the next 12 months. We look to medium-term CAD weakness”.

“Momentum signals are neutral and the 100 day MA (1.3299) remains an important level of support. We look to a continued retracement of last week’s decline with expectations of gains through 1.3380 toward the mid-1.34 area”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Slightly Bullish	Overbought	High
1H	Bullish	Oversold	High
4H	Bullish	Oversold	Low
1D	Bearish	Overbought	Low
1W	Bullish	Neutral	Expanding
Updated Mar 20, 12:45 GMT

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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