USD/CAD further gains expected – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, sees the pair gaining further upside traction in the near term.

Key Quotes

“USDCAD is rallying toward 1.3100, testing levels last seen in early April”. 

“Momentum signals are bullish and trend indicators are providing confirmation to the turn”.

“An RSI of 63 leaves ample space for further upside before reaching overbought levels above 70”.

“We continue to highlight the absence of significant technical levels ahead of 1.33 (38.2% Fibo retracement of Jan-May decline). The 50% retracement lies at 1.3575 and the 61.8% Fibo retracement lies at 1.3839”.