According to Eric Theoret, FX Strategist at Scotiabank, the pair’s outlook remains bullish in the near term.
Key Quotes
“USDCAD’s breakout to fresh multi-year highs has coincided with a renewed bullish turn in both trend and momentum indicators”.
“There are few major resistance levels ahead of 1.4500, however we maintain a cautious eye toward USDCAD as we consider the negative divergence in momentum indicators through most of 2015—with neither the MACD or RSI providing confirmation to the continued rally in USDCAD”.
Key Quotes
“USDCAD’s breakout to fresh multi-year highs has coincided with a renewed bullish turn in both trend and momentum indicators”.
“There are few major resistance levels ahead of 1.4500, however we maintain a cautious eye toward USDCAD as we consider the negative divergence in momentum indicators through most of 2015—with neither the MACD or RSI providing confirmation to the continued rally in USDCAD”.
