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USD/CAD bearish near term – Scotiabank

FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, reiterated the bearish stance on USD/CAD in the short-term.

Key Quotes

“Momentum signals are decisively bearish, the RSI at 39 providing ample space for further decline before reaching oversold levels near 30. Friday’s close below the 50 day MA (1.3189), the first since mid-June, was significant and provided confirmation to the shift in near-term risk”.

“In terms of support we look to the mid-September low at 1.3013, followed by 1.2950. The swift pace of the recent decline provides for little in terms of resistance, with a focus on 1.3180 and 1.3220”.

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