FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, sees the pair’s perspective remains in the negative side in the near term. Key Quotes “We highlight Wednesday’s formation of a hammer candle, typically seen as a bullish reversal signal following a decline”. “However, we acknowledge that most USDCAD signals remain bearish with both momentum indicators biased to decline (RSI, MACD) and with a 9 day MA that continues to fall below its 21 day MA”. “In terms of support, we look to 1.3000 and 1.2980. Resistance is limited under 1.3150”. For more information, read our latest forex news.