USD/CAD bearish near term – Scotiabank

In view of Eric Theoret, FX Strategist at Scotiabank, the pair’s stance remains bearish in the short term.

Key Quotes

“Momentum signals are bearish, trend indicators are providing confirmation, and the 9 day MA is bearishly aligned below the 21 day MA”.

“USDCAD is nearing 1.2900 support around the lower bound of the ascending trend channel from June and the rising trendline off the May-June lows”.

“A break would threaten our long-held call for USDCAD gains toward 1.33 and 1.35, with risk of continued weakness toward the June 24 open around 1.2750”.