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USD/CAD turned to neutral near term – Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Eric Theoret, FX Strategist at Scotiabank, noted the neutral outlook for the pair in the short-term horizon.

    Key Quotes

    “Momentum indicators are conflicted close to neutral, the ADX is softening toward ‘trendless’ territory below 25, and USDCAD continues to trade in a tight range around its short term (9 & 21 day) MA’s”.

    “This week’s sequence of lower USDCAD highs suggests a moderation in upside risk and support has held steady around 1.3050”.

    “The two week triangular consolidation pattern is suggestive of a continuation with a resolution to the downside”.

    “We look to 1.3020 for confirmation. The pattern would be violated on a sustained rally above 1.3180”.
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