FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, reiterated his bullish view on USD/CAD in the short-term. Key Quotes “Momentum signals are biased to upside risk and trend signals are showing early signs of a turn”. “The recent rally has yet to test the 50 day MA (1.3172), its gains challenged by resistance at the 50% retracement of the Sept 29-Oct 15 decline (1.3145) with support likely to be observed around current levels given the 38.2% Fibo at 1.3071)”. “We are biased to gains above the 50 day MA and the 61.8% Fibo at 1.3218 and note the formation of a bullish, weekly morning star reversal pattern that would be confirmed on a weekly close above 1.3058 (mid-point of the first candle’s real body in the three candle formation)”. For more information, read our latest forex news.