USD/CAD bullish near term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, has reiterated the bullish outlook on the pair in the near term.

Key Quotes

“USDCAD appears to have struggled above its 100 day MA (1.2929) following an impressive two session rally off last week’s lows”.

“The rejection of the 61.8% Fibonacci retracement level of the May-July rally remains the most important near-term technical signal, and Monday’s break of the 38.2% Fibo at 1.2950 has provided confirmation to the shift in the balance of risk. We look to continued gains toward 1.30 and 1.32”.