FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, reiterated the bullish stance for the pair in the short term. Key Quotes “The U.S.-Canada 2Y yield spread continue to widen, favoring USDCAD gains as market participants focus on Fed normalization and the recent turn in market expectations for the Bank of Canada—now pricing in a 40% chance of a 25bpt rate cut over the next 12 months”. “Signals are broadly bullish, with no significant resistance levels ahead of 1.4500”. “Both trend and momentum indicators are strong and favor USDCAD upside. Near term support is expected around 1.3580”. For more information, read our latest forex news.