USD/CAD still eyes 1.30 near-term – Scotiabank

FX Strategist at Scotiabank Eric Theoret believes the pair could test the psychological 1.30 handle.

Key Quotes

“The moderation in bullish momentum indicators appears to be showing signs of stabilization, and we note Thursdays’ completion of a bullish hammer candle”. 

“USDCAD has been unable to close under its 9 day MA and we maintain a bias to gains toward the 50 day MA (1.2955) and 1.3000”.

“The weekly candle pattern has provided no new information following last week’s bullish outside reversal”.