USD/CAD cautiously bullish – Scotiabank

FX Strategist at Scotiabank Eric Theoret noted the pair’s outlook remains tilted towards the bullish side.

Key Quotes

“USDCAD has tested a fresh multi-month high above 1.3500 however its retreat has been swift and the hourly candles have delivered an impressive turn”.

“Daily momentum signals are moderately bullish, DMI’s are providing confirmation, and short-term MA’s are aligned in a bullish manner”.

“We highlight the absence of major resistance ahead of the 50% retracement of the January-May decline at 1.3575. Support is expected at 1.3350”.

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