USD/CAD neutral-bullish short-term – Scotiabank

Pablo Piovano FXStreet

FX Strategists at Scotiabank gave their views on the pair, expecting at the same time a potential test of the 1.2600 handle.

Key Quotes

“Bearish momentum signals have faded to neutral and DMI’s are confirming a shift in the balance of risk”.

“Both the 9 and 21 day MA’s have been broken, the latter for the first time since late December”.

“We look to near-term gains toward 1.2480 and 1.2550 and highlight the potential for a rally toward 1.2600 around levels roughly corresponding to the 50 and 100 day MA’s as well as the 38.2% Fibo retracement of the September-December rally. Nearterm support is expected at 1.2380”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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