USD/CAD Keeps the Bearish Outlook – Scotiabank
FX Strategist at Scotiabank Eric Theoret sees occasional bullish attempts as selling opportunities.
Key Quotes
“Monday’s
brief rally through the upper 1.29s to trend resistance has given way
to renewed weakness in new cycle lows for funds, boosting the underlying
strength in the bullish CAD trend. We think minor USDCAD rallies are a sell”.
“A weekly close below 1.2750 will target an extension lower to 1.21 through mid-year”.
