In the view of Eric Theoret, Currency Strategist at Scotiabank, the pair’s
perspective remains on the bullish side for the time being.
Key
Quotes
“Both the MACD and RSI momentum indicators are bullish,
and trend signals are showing signs of a turn”.
“USDCAD’s rally toward
the 50 day MA (1.3175) is important, as we note the emergence of near term
resistance around this level”.
“We are biased to further USDCAD
gains and expect a continued retracement of the Sept 29-October 15 decline with
a focus on the 61.8% Fibo at 1.3218”.
H1.3156 L1.31355 = Trend: Bearish
