USD/CAD Outlook Remains Bearish – Scotiabank
Eric Theoret, FX Strategist at Scotiabank, has reiterated the negative stance of the pair.
Key Quotes
“Both trend and momentum indicators are decidedly bearish, however the extent of their bias has moderated”.
“We note the positive divergence that carried on through much of the past month, with momentum failing to confirm the fresh lows in spot”.
“We also highlight USDCAD’s formation of a hammer candle on Thursday—typically considered to represent a bullish reversal signal. We remain USDCAD bearish in the absence of a break above the short-term MA’s with the 9 day MA at 1.3115 and the 21 day MA at 1.3174”.
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