USD/CAD stays bullish near term – Scotiabank

In view of Eric Theoret, FX Strategist at Scotiabank, the pair’s outlook stays on the bullish side in the shot term.

Key Quotes

“Momentum signals are bullish and DMI’s appear poised to confirm as we note the crossing of the 9 day MA (1.2622) above the 21 day MA (1.2594)”.

“USDCAD appears set to test the first major retracement level (23.6%) of the May-July decline at 1.2739. The 38.2% Fibo is at 1.2941 and the 50 day MA is at 1.2935. Near-term support is expected around 1.2680”.