USD/CAD stance neutral/bullish near term – Scotiabank

Eric Theroret, FX Strategist at Scotiabank, noted the neutral/bullish outlook on USD/CAD in the short-term horizon.

Key Quotes

“The 100 day MA (1.33) has held on a closing basis and we note the sequence of higher intraday lows following a short-lived test of support around 1.3280”.

“The 21 day MA (1.3308) is providing additional support on an intraday basis and the near-term balance of risk appears to be shifting back to the upside”.

“We look to gains through Thursday’s high in the 1.3350 area with expectations of a push through 1.3380 toward 1.34”.