USD/CAD outlook stays bearish – Scotiabank

Pablo Piovano FXStreet

FX Strategist at Scotiabank Eric Theoret keeps the bearish view on the pair in the near term.

Key Quotes

“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”.

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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