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USD/CAD faces resistance around 1.3400/20 – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Eric Theoret, FX Strategist at Scotiabank, sees the pair’s upside facing strong resistance in the 1.3400/20 band in the short-term.

    Key Quotes

    USDCAD has rallied toward 1.3400 following a break of its 9 day and 200 day MA’s (both around 1.3320)”.

    “The MACD and RSI are fading their bearish biases as DMI’s hint to a shift in the balance of risk”.

    “We look to near term resistance in the range between 1.3400 and 1.3420, followed by the 21 day MA around 1.3500. Support is now anticipated in the range between 1.3300 and 1.3280”.
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