USD/CAD bearish near term – Scotiabank

Eric Theoret, FX Strategist at Scotiabank, keeps the bearish view on USD/CAD in the near term.

Key Quotes

“Momentum signals are bearish, DMI’s are providing confirmation, and the ADX is suggestive of a strengthening bearish trend”.

“Near-term support appears limited ahead of the mid-1.31 area and we highlight the importance of the 50% retracement of the May 2015-May 2016 rally at 1.3127. We look to resistance between 1.3280 and 1.33”.