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USD/CAD outlook still negative – Scotiabank

FXStreet (Edinburgh) - According to Eric Theoret, Currency Strategist at Scotiabank, the pair’s stance remains tilted to the negative side for the time being.

Key Quotes

“Bearish signals continue to fade and USDCAD is flirting with 9 day MA (1.3037) resistance for a second consecutive session”.

“We look to support around the recent lows near 1.2900”.

“In terms of upside risk levels, we consider the Sept 29-Oct 9/12 decline and look to the 23.6% Fibo retracement level at 1.3033 as well as the 38.2% Fibo at 1.3114 followed by the October 2nd close at 1.3152”.

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