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”. For more information, read our latest forex news.