FX Strategist at Scotiabank Eric Theoret keeps the bearish view on the pair in the near term.
“USDCAD is consolidating around the mid-point of its one week range roughly bound between the mid-1.31s and 1.33”.
“We look to further weakness toward 1.3127 representing the 50% retracement of the May 2016—May 2017 rally”.
“Momentum signals are bearish, and trend indicators are providing confirmation. Resistance is expected between 1.3280 and 1.33”.
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