USD/CAD bullish short-term – Scotiabank

FX Strategist at Scotiabank Eric Theoret has reiterated the bullish outlook for the pair is the near term.

Key Quotes

“Trend signals are shifting, providing confirmation to the bullish momentum indicators”.

“The 9 day MA is above the 21 day MA for the first time since late January”. 

“USDCAD risk lies to the upside and we look to a clear break above the 50 day MA (1.2987) with expectations of gains toward 1.3150”.

“Near-term support levels include 1.2900, 1.2880, and last week’s congestion level 1.2850”.