USD/CAD could re-test 1.3250/66 – Scotiabank

According to FX Strategist at Scotiabank Eric Theoret, the pair remains well poised for another visit to the 1.3250/66 area in the near term.

Key Quotes

“USDCAD has tested a fresh multi-month high and is rapidly approaching the late July high around 1.3250”.

“Signals are bullishly aligned across both trend (DMI’s, short-term MA’s) and momentum (MACD, RSI)”.

“The RSI is also only at 62, leaving ample room for further upside ahead of the overbought threshold at 70”.

“We look to gains toward 1.3250, the 200 day MA at 1.3266, and the first major Fibo retracement level of the January-May USDCAD decline at 1.3312”.