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USD/CAD could re-test 1.4000 – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Eric Theoret, Currency Strategist at Scotiabank, believes the pair could re-visit the 1.4000 handle.

    Key Quotes

    “Thursday’s USDCAD decline found considerable support at 1.3650, the swift reversal providing for the formation of a hammer candle—typically a bullish reversal formation following a decline”.

    “USDCAD’s momentum indicators maintain a bearish bias, and the RSI at 37 is still well above oversold levels closer to 30”.

    “Near term support is expected at 1.3650. In terms of resistance, we look to a band between 1.3780 and 1.3800—a break above this band would increase the risk of a rally toward 1.4000”.
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