USD/CAD pushes higher, targets 1.2720 – Scotiabank

Pablo Piovano FXStreet

In view of FX Strategists at Scotiabank, the pair’s stance remains bullish and is now targeting the 1.2720 region.

Key Quotes

“USDCAD has closed above the technically-critical 100 day MA (1.2625), delivering a fresh 2018 high”.

“The short-lived February 9 high (1.2685) is being threatened and USDCAD looks set to push toward the 200 day MA (1.2711) and the technically-relevant 1.2720 level roughly corresponding to the last major (23.6%) Fibo retracement of the September-December rally”.

“Momentum indicators are bullish and trend signals are confirming. Near-term support is expected between 1.2580 and 1.2550”.

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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