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USD/CAD perspective remains bullish – Scotiabank

FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, sees the outlook on the pair tilted to the bullish side.

Key Quotes

USDCAD’s recent climb to fresh 11‐year highs leaves it vulnerable to further upside, how‐ ever we note Thursday’s formation of a shooting star doji—typically seen as a bearish reversal signal following a rally”.

“Lack of confirmation from momentum (MACD & RSI) is also worrisome, providing for bearish divergence”.

“Trend signals are muted. Near term support is expected at 1.3300, with resistance expected above 1.3400 as we con‐ sider the short‐lived nature of Thursday’s rally”.

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