In opinion of FX Strategists at Scotiabank, the pair’s outlook appears negative in the near term horizon.
Key Quotes
“USDCAD retains a soft undertone after last week’s lower close served to “confirm” the bearish turn in broader price action that the previous week’s bearish key reversal week had signalled”.
“Intraday trend signals are aligned bearishly, which should limit short-term gains to the 1.3140/50 area. And we look for support at 1.3045/0 (40-day MA at 1.3043 today). Overall, we think the USD is likely to head towards 1.28/1.29 in the next few weeks following the decisive turn lower from 1.3385″.
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