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USD/CAD points upwards near term – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - In the view of Eric Theoret, Currency Strategist at Scotiabank, the pair’s near term stance has shifted towards the bullish side.

    Key Quotes

    “Both the MACD and RSI are in bullish territory and trend signals suggest a shift in the balance of risks”.

    USDCAD has found near term resistance at the 50% retracement (1.3145) of the late September-mid October decline, however we look to further gains above the 61.8% Fibo at (1.3218)”.

    “Near term support is expected between the 21 day MA (1.3112) and the 38.2% Fibo (1.3071)”.
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