USD/CAD neutral/bullish near term – Scotiabank

In view of Eric Theoret, FX Strategist at Scotiabank, the pair’s stance remains tilted to the neutral/bullish side in the short run.

Key Quotes

“USDCAD’s impressive five session decline has pushed it to fresh multi-week lows to test its 50 day MA for the first time since mid-July”.

“USDCAD has yet to test the rising trend line off the MayJune lows or the ascending trend channel from early June. Both are suggestive of support at 1.29. USDCAD appears to be struggling to make a meaningful break below 1.2980 and we would anticipate further support at 1.2950. Resistance is limited ahead of 1.3080”.