USD/CAD Remains a ‘Sell on Strength’ – Scotiabank
Strategists at Scotiabank have reiterated the suggestion of selling the upticks in USD/CAD in the short-term.
Key Quotes
“Price action remains bearish; the broader trend lower in USDCAD
will be reinforced by the USD’s loss of key supports in the low 1.28s
and mid 1.27s in the past few days (assuming these losses are sustained
through the close of the week)”.
“Intraday signals look soft,
with the USD’s overnight push higher capped in the low 1.27s. We see
strong resistance at 1.2725/50 intraday”.
“Look to fade short-term USD gains”.
