Bullish outlook for USD/CAD near-term – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, has reiterated the pair’s bullish stance in the short-term.

    Key Quotes

    “Both trend and momentum indicators are biased to further gains as USDCAD rallies to fresh highs”.

    “We continue to highlight the absence of significant resistance levels ahead of 1.4500”.

    USDCAD pullbacks have been remarkably limited, though we note that Monday’s early NA session decline provided for a test of the 100-hour MA for the first time since January 4th”.

    “Caution is warranted as we note that USDCAD gains from late December have failed to receive confirmation momentum indicators such as the RSI”.
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