USD/CAD bearish/neutral near-term – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Eric Theoret, Currency Strategist at Scotiabank, has reiterated the bearish/neutral stance of the pair in the shorter run.

    Key Quotes

    USDCAD appears to be consolidating within a relatively tight range around 1.3050, and the recent ‘morning star’ candle formation has failed to deliver continued gains off the March 18 low”.

    “Bearish momentum indicators have faded from their oversold levels and the RSI is now well off its March 7 low of 27. The ADX is at 39, suggesting a steady trend. We look to the short-term MA’s with the 9 day MA at 1.3125 and the 21 day MA at 1.3297”.
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