In opinion of FX Strategists at Scotiabank, the pair remains neutral in the short-term horizon and eyes a potential congestion between 1.3020 and 1.3080. Key Quotes “The outlook for relative central bank policy has deteriorated on the back of worrisome oil price developments and this week’s disappointing housing data. Yield spreads have widened in a CAD-negative manner and the price of Western Canada Select has extended its decline to fresh two year lows nearing $25/bbl. Broader developments are set to remain dominant ahead of Monday’s Bank of Canada Business Outlook Survey, a key consideration for policymakers heading into the October 24 rate decision and MPR forecast update. Measures of implied CAD volatility are rising broadly and lifting the premium for protection against CAD weakness. The 1Y risk reversal is at its highest level since June 2017″. “USDCAD has reached anticipated resistance around 1.3050 and the 100 day MA. Shorter-term (hourly) charts are suggestive of exhaustion following an impressive rally from the upper 1.27s and we look to near-term congestion between 1.3020 and 1.3080. Additional resistance is expected around the descending trend line drawn from the June-September lows, at 1.3150. A break below 1.3020 would likely find additional support at 1.2950″. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold surges to new 20-day highs near $1210 as data and Trump weigh on USD FX Street 4 years In opinion of FX Strategists at Scotiabank, the pair remains neutral in the short-term horizon and eyes a potential congestion between 1.3020 and 1.3080. Key Quotes "The outlook for relative central bank policy has deteriorated on the back of worrisome oil price developments and this week's disappointing housing data. Yield spreads have widened in a CAD-negative manner and the price of Western Canada Select has extended its decline to fresh two year lows nearing $25/bbl. Broader developments are set to remain dominant ahead of Monday's Bank of Canada Business Outlook Survey, a key consideration for policymakers heading into the October… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
