USD/CAD outlook still bearish – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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”.
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