USD/CAD stance remains neutral – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, expects USD/CAD to stay neutral in the short-term.

    Key Quotes

    “Momentum signals are conflicted, trend indicators are muted, and USDCAD is trading just above support around the 38.2% Fibonacci retracement level (1.3071) of the late September-early October decline”.

    “A failure to respect support at this level would shift the focus back toward the mid-October lows under 1.2850”.

    “We note that medium-term signals remain biased to USDCAD gains and expect USDCAD to fully retrace its recent decline”.
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