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USD/CAD: bulls are back? – Scotiabank

FXStreet (Edinburgh) - According to Eric Theoret, Currency Strategist at Scotiabank, the pair’s outlook seems to be shifting towards the bullish side.

Key Quotes

“USDCAD has bounced off support at the 100 day MA (1.2903) and bearish momentum indicators are showing early signs of a turn”.

USDCAD is flirting with the 9 day MA (1.3068), a break of which would shift the focus to the October 2nd close at 1.3151”.

“Relative policy considerations are currently less of an important driver for CAD, with BoC Gov. Poloz’ weekend speeches providing little in terms of clues toward a policy bias”.

“OIS are close to neutral, leaving the risk of relative policy centered on the outlook for U.S. yields and the Fed”.

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