USD/CAD keeps the bullish stance near term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, reiterated the bullish outlook on the pair in the short-term.

Key Quotes

“Yesterday saw USDCAD test and rebound from key short-term support in the low 1.31 area”.

“This represents the broader, bull break-out point on the daily charts as well as short-term retracement support derived from the rally in USDCAD from the middle of the month”.

“Holding 1.31 keeps the near-term undertone positive for funds and we look for intraday gains through 1.3190 to help drive spot towards a retest of 1.3250”.

“We spot intraday support at 1.3115/30. Overall, we still view a move to the 1.33/1.35 range as likely in the next 1-3 months”.