USD/CAD outlook stays bearish – Scotiabank

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”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.