11 Aug 2015
USD/CAD perspective neutral to bullish – Scotiabank
FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, sees the outlook for the pair neutral-to-bullish in the near term.
Key Quotes
“Monday’s technicals hinted to a broadening shift in the balance of risk toward USDCAD downside, with the early bearish turn in the MACD followed by a decline and close below both the 9 and 21 day MA’s”.
“The near-term upswing appears to be finding resistance at the 9 day MA (1.3102), a break of which would shift the focus back toward the recent highs around 1.3200”.
“As such, the short term MA’s are crucial to determining the direction of near term risk”.
Key Quotes
“Monday’s technicals hinted to a broadening shift in the balance of risk toward USDCAD downside, with the early bearish turn in the MACD followed by a decline and close below both the 9 and 21 day MA’s”.
“The near-term upswing appears to be finding resistance at the 9 day MA (1.3102), a break of which would shift the focus back toward the recent highs around 1.3200”.
“As such, the short term MA’s are crucial to determining the direction of near term risk”.