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USD/CAD perspective remains constructive – Scotiabank

FXStreet (Edinburgh) - In the view of Eric Theoret, Currency Strategist at Scotiabank, the outlook for the pair appears constructive in the near term.

Key Quotes

“With Fed lift‐off still—apparently—just around the corner and the USD continuing to attract support, a renewed push higher is not to be ruled out. Most likely, for now, is a little more range trading we think but the opportunity to buy “cheap” USDs into the end of the year may be closing. Seasonal risk are geared towards a stronger USDCAD in the next few weeks”.

USDCAD looks well supported on the short‐term charts. Intraday gains through 1.3235 where short‐term (11, 21‐day) moving averages are converging today, suggest scope for USDCAD to push higher towards 1.3280/90, the top of the current consolidation band”.

“Sustained gains above here will be positive for the USD from a longer‐term perspective”.

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